By Laura Lutz
Des Moines, May 14 - Houston Lake Mining Inc. raised $2.5 million from a private placement of units and flow-through shares with Max Capital Markets Ltd.
Houston Lake plans to sell 1.25 million units at C$1.00 per unit and 1,086,957 flow-through shares at C$1.15 per share.
Each unit will consist of one share and one half-share warrant at C$1.25 for two years.
The placement was non-brokered.
Proceeds will be used to bring the historic resource on the company's Dubensky property up to standards and for exploration and drilling on other properties.
Houston Lake is a gold producer based in Sudbury, Ont.
| Issuer: | Houston Lake Mining Inc.
|
| Issue: | Units of one share and one half-share warrant; flow-through shares
|
| Amount: | C$2.5 million
|
| Investor: | Max Capital Markets Ltd.
|
| Agent: | Non-brokered
|
| Pricing date: | May 14
|
| Stock symbol: | TSX Venture: HLM
|
| Stock price: | C$1.00 at close May 14
|
|
|
| Units
|
| Units: | 1.25 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
|
|
| Flow-through shares
|
| Shares: | 1,086,957
|
| Price: | C$1.15
|
| Warrants: | No
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