Three-year arrangement reached with Dutchess Opportunity Cayman Fund
By Devika Patel
Knoxville, Tenn., Sept. 22 - Houston Lake Mining Inc. said it negotiated a C$10 million three-year equity line facility with Dutchess Opportunity Cayman Fund Ltd.
"This new equity line facility with a well-established investor such as Dutchess is a clear indication of investor optimism behind Houston Lake Mining's plan to further develop our assets at a faster pace," Houston Lake Mining president Trevor R. Walker said in a press release.
"This agreement gives us a flexible and inexpensive access to capital to support our exploration initiatives. By demonstrating access to capital, our past exploration results and the extent of exploration targets, we are sending a clear and positive message to our shareholders that we are striving to increase our resources with the objective of production."
Houston Lake is a gold producer based in Sudbury, Ont.
| Issuer: | Houston Lake Mining Inc.
|
| Issue: | Equity line facility
|
| Amount: | C$10 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Cayman Fund Ltd.
|
| Pricing date: | Sept. 22
|
| Stock symbol: | TSX Venture: HLM
|
| Stock price: | C$0.15 at close Sept. 21
|
| Market capitalization: | C$6.59 million
|
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