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Gold/Mining/Energy : Houston Lake Mining [HLM-ASE] -- Ignore unavailable to you. Want to Upgrade?

To: DRT who wrote (99)	2/9/1999 1:35:00 PM
From: AriKirA	Respond to of 364

Houston Lake Mining initial closing of financing Houston Lake Mining Inc HLM Shares issued 9,946,600 1999-02-08 close $0.2 Tuesday Feb 9 1999 Mr. E. Grayme Anthony reports The company has completed an initial $100,000 closing of its non-brokered private placement of up to 750,000 units priced at 40 cents per unit for maximum gross proceeds of $300,000. Each unit consists of one flow-through share, one common share and a one-half warrant. The holder of a full warrant is entitled to acquire a non-flow-through share at 30 cents for one year. The initial closing involves the issuance of 250,000 units (500,000 shares and 125,000 warrants) priced at 40 cents. Half of the private placement value ($50,000) is renounceable on a flow-through basis for the fiscal year 1999. Houston Lake has received permission from the Alberta Stock Exchange to extend the private placement financing until March 15, 1999. Proceeds will be used primarily to advance exploration on the company's Tib Lake palladium property, in the Thunder Bay area. Exploration will involve line-cutting, magnetic and induced polarization geophysical surveys and diamond drilling. Drilling is expected to begin as soon as a drill rig can be moved onto the property and will focus on the vicinity of the Kuhner Occurrence where a 1995 drill hole intersected an estimated true width of 13.6 metres of 1.68 grams per tonne PGE's (combined precious metals: palladium, platinum, and gold) including 2.74 g/t PGE's over 5.2 metres and including 4.53 g/t PGE's over 1.5 metres at a depth of 30.5 metres. The exploration program is being managed by independent consulting geologist, Andreas Lichtblau, F.G.A.C. Houston Lake has the option to earn a 100 per cent interest in the Tib Lake palladium property from Obongo Precious Metals Inc. upon making exploration expenditures of $300,000, cash payments of $22,500 and the issuance of 75,000 shares over the two-year option period. The agreement is subject to a 2.5 per cent net smelter return royalty. Corporate Update Houston Lake held its annual shareholders' meeting on Jan. 13, 1999. James A. Richardson was elected as director of the company. Mr. Richardson has served on the boards of other public companies and brings extensive corporate governance experience in addition to an extensive background in financing and accounting to the board of directors of Houston Lake. Mr. Richardson is an ex-partner of Clarkson, Gordon; Arthur Young, Singapore and KPMG Peat Marwick, United Kingdom. He now makes his career as an international financial adviser as president of Manaca Inc., based in Toronto. Shareholders re-elected Rick Walker (chairman) and E. Grayme Anthony (president) to the board of directors. Shareholders also approved the allotment of 675,000 shares under the company's stock option plan. The stock options have been allotted to officers and employees at a price of 20 cents and are exercisable over a five-year period. Shareholders have approved the reservation of up to 10,000,000 shares for private placement financing for a period of up to one year from the date of the annual shareholder's meeting. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com