HLM Announces Exercise of Warrants for Proceeds of $641,763
Sudbury, Ontario (FSCwire) - HLM (the “Company”), is pleased to announce that a total of 6,417,639 common share purchase warrants (the “Warrants”) have been exercised at a price of $.10 per common share, for aggregate proceeds to HLM of $641,763. HLM issued a total of 7,217,639 Warrants on April 09, 2013 in connection with an equity financing, in which the Warrants will expire on April 9, 2015. Including the common shares issued upon exercise of the Warrants, the Company has a total of 100,325,642 common shares issued and outstanding.
“The exercise of these Warrants represents a strong vote of confidence as 66% of the total Warrants (4,250,001) have been exercised by “non-arms’’ length individuals (primarily Board of Directors and Management) or companies controlled by “non-arms” length individuals to the Company, commented Trevor Walker, President of HLM. “The combination of this confidence and finance display HLM’s strong footing, essential to advance exploration and development of the PAK Lithium Project. With a Phase III, 1,600m in-fill drill program and proof of concept bulk sampling program currently underway, this is shaping up to be an exciting year for HLM.”
About the PAK Lithium Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) classified pegmatite. These types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world but there are comparatively few commercially-viable deposits.
HLM is actively exploring its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade lithium deposits in North America which has a current Indicated Resource of 2.45 million tonnes of 1.81% Li2O Eq. and Inferred Resource of 5.91 million tonnes of 2.01% Li2O Eq. which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3)[1]. The deposit has adjacent zones that are enriched in rubidium and tantalum. HLM is also evaluating the phased co-production of rubidium and tantalum concentrates once lithium mineral production has been commercialized.
The deposit has a known 400m strike length with an estimated true width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast. A Phase III, 1,500m diamond drill program is currently being conducted whereby the objective is to upgrade the lithium Indicated mineral resource to a Measured category, and to possibly upgrade the Inferred mineral resource to a Measured and Indicated category.
About Houston Lake Mining Inc.
HLM’s goal is to become a fully integrated lithium, rubidium and tantalum producer through the development of the PAK Rare Metals Project in Ontario, Canada . The Company's strategy is to take advantage of the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys. Combined, HLM’s Board of Directors and Management have over 300 years of finance, exploration and mining experience to facilitate the Company’s goal.
HLM has a total of 100,325,642 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
Henry Kloepper, CEO
T. +001 416.520.0187
P3N 1B3 CANADA
T. +001 705.897.7622
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