Business
Hannan Announces Closing of C$1.76 Million Oversubscribed Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION...
About this update from Hannan Metals Ltd.
[{"type":"text","content":"Hannan Announces Closing of C$1.76 Million Oversubscribed Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.VANCOUVER, BC / ACCESSWIRE / May 9, 2023 / Hannan Metals Limited (\"Hannan\" or the \"Company\") (TSXV:HAN) announces the closing of its non-brokered unit private placement financing (the \"Offering\") announced on April 24, 2023. Pursuant to the Offering, the Company has issued 7,044,460 units (the \"Units\") at a price of C$0.25 per Unit (the \"Issue Price\") for gross proceeds of C$1,761,115. Each Unit comprises one common share (a \"Share\") and one-half of one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of C$0.35 for a period of three years expiring on May 9, 2026. The Company has the right to force conversion of the Warrants, if at any time from and after the date of issuance, the weighted average closing price of the Company's common shares on the TSX Venture Exchange (the \"Exchange\"), equals or exceeds C$0.50 for 20 consecutive trading days. The expiry date of the Warrants will then be 30 days from the date of issue of a news release announcing the forced conversion.Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (\"Teck\"), Hannan's largest shareholder has increased its interest in the Company and subscribed for 1,120,000 Units for gross proceeds to Hannan of C$280,000. Prior to the Private Placement, Teck held 9.0% of Hannan. Upon closing of the Private Placement, Teck will hold 9.9% of the issued common shares and warrants of Hannan on a partially diluted basis.Mr. Michael Hudson, CEO, comments: \"In this oversubscribed private placement, we have been able to continue to find alignment of strategy with shareholders, while maintaining a tight share register. Our major shareholder Teck has increased their position, and we have also received strong support from other key shareholders. We are very thankful for this support and see it as a demonstrable vote of confidence in the technical merits of the Company's projects as well as our team. Over the last two years Hannan has recognized the significant potential for large copper-gold-silver deposit...