Business
Hannan announces closing of $2.7M as first tranche of oversubscribed private placement financing
Hannan announces closing of $2.7M as first tranche of oversubscribed private placement fin...
About this update from Hannan Metals Ltd.
[{"type":"text","content":"\n\n\n\nHannan announces closing of $2.7M as first tranche of oversubscribed private placement financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 21, 2017\n\n\n\n/NOT 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./\n\n\n\nVANCOUVER, Aug. 21, 2017 /CNW/ - Hannan Metals Limited (\"Hannan\" or the \"Company\") (TSX.V: HAN) (OTCPK: HANNF) announces the closing of the first tranche (the \"First Tranche\") of the Company's oversubscribed non-brokered private placement financing (the \"Offering\") that was announced on August 2, 2017, and August 14, 2017.  \n\n\n \n \n\n \nKey Points:\n\n\nFirst tranche closing, and issuance of 10,550,713 units at an issue price of C$0.26 per unit for gross proceeds of C$2,743,185;\nSecond and final tranche of the oversubscribed Offering of 2,049,287 units for gross proceeds of $532,815 is expected to close on or before August 24, 2017. This will bring financing to a total of 12,600,000 units for gross proceeds of up to Cdn$3,276,000 as announced on August 14, 2017;\n\nUnder the First Tranche, the Company issued 10,550,713 units (the \"Units\") at an issue price of C$0.26 per Unit for gross proceeds of C$2,743,185.  Each Unit comprises one common share (a \"Share\") and one-half of one common share purchase warrant (a \"Warrant\").  Each whole Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of Cdn$0.40 for a period of two years expiring August 18, 2019. The Company paid broker fees of $43,453.80 cash commission and issued 167,130 broker warrants to arm's length finders.  All securities issued under the First Tranche are subject to a four-month and one day hold period under applicable securities laws in Canada expiring on December 19, 2017.  \n\nThe second and final tranche of the Offering which is necessary to accommodate the oversubscription announced by the Co...