Business
Hannan Announces C$1.7m in Proceeds from Exercises of Warrants
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Hannan Metals Ltd.
[{"type":"text","content":"Hannan Announces C$1.7m in Proceeds from Exercises of WarrantsNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.VANCOUVER, BC / ACCESSWIRE / July 13, 2021 / Hannan Metals Limited (\"Hannan\" or the \"Company\") (TSXV:HAN)(OTC PINK:HANNF) is pleased to announce that further to the Company's news release dated April 28, 2021, an additional aggregate of 6,735,167 common share purchase warrants (the \"Warrants\") have been exercised for aggregate gross proceeds to the Company of $1,695,552.Highlights:6.7M warrants exercised for aggregate gross proceeds to the Company of $1.7M;Almost universal take-up by shareholders of the total warrants that expired on July 06, 2021;Michael Hudson, CEO, states: \"I would like to thank all our shareholders for their almost universal take-up of warrants and their continued support and vote of confidence in Hannan. The interests of shareholders and insiders, given their substantial co-participation in the exercise of warrants, are further aligned to benefit from the success of Hannan's exploration efforts to define large-scale copper-gold-silver mineral systems throughout Peru's frontier areas.\"Hannan is now even better positioned, with both a fully-funded US$35M joint venture with Japan Oil, Gas and Metals National Corporation (\"JOGMEC\") on a third of our Peruvian holdings, as well as a healthy treasury to fund and advance exploration on two thirds of the Company's vast mining concession portfolio in Peru.\"Hannan is a Top 10 in-country Peru explorer with 217,200 hectares (\"ha\"), or 2,172 square kilometres (\"sq km\") of tenure, of which 62% (135,700ha/1,357 sq km) is explored in its own right and 38% (81,500 ha/815 sq km) explored in joint venture with JOGMEC. JOGMEC has the option to earn up to a 75% beneficial interest from Hannan in the San Martin Project by spending up to US$35,000,000 to deliver a feasibility study to the joint venture (\"JV\").The Warrants were exercised pursuant to the terms of warrant certificates issued in connection with the closing of unit private placement financings undertaken by the Company in July 2018 (the \"July Warrants\"), and February 2020 (the \"February Warrants\"), with each outstanding warrant exercisable into one common share of the Company. As of July 06, 2021, the expiry date of the July Warrants, 98.38%...