Business
Hannan Announces Closing Of Oversubscribed Non-Brokered Private Placement
VANCOUVER, BC / ACCESSWIRE / June 27, 2024 / Hannan Metals Limited ("Hannan" or the "Compan...
About this update from Hannan Metals Ltd.
[{"type":"text","content":"Hannan Announces Closing Of Oversubscribed Non-Brokered Private Placement VANCOUVER, BC / ACCESSWIRE / June 27, 2024 / Hannan Metals Limited (\"Hannan\" or the \"Company\") (TSX.V:HAN)(OTCPK:HANNF) is pleased to announce that the Company has closed its non-brokered unit private placement (the \"Offering\") announced on June 4, 2024 and June 14, 2024. Under the Offering, the Company has issued an aggregate of 10,593,513 units (the \"Units\") at a price of C$0.35 per Unit for gross proceeds of C$3,707,730 representing an increase in the Offering due to the interest received from investors to participate in the Offering.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 C$0.50 for a period of two years from the date of issue. 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$0.70 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 (\"Teck\"), Hannan's largest shareholder, exercised its right to maintain its 9.84% partially diluted ownership interest in the Company and subscribed for 714,286 Units for gross proceeds to Hannan of C$250,000.Mr. Michael Hudson, CEO and Executive Chairman, states: \"We are thankful for the continued strong support from our major shareholders, including Teck. With our recent large-scale discoveries and imminent commencement of maiden drill programs on multiple projects, Hannan is extremely well placed for an exciting year ahead.Our bold grassroots strategy has attracted some of the largest industry participants to partner with Hannan, with both Teck and JOGMEC involved at equity and joint venture levels, respectively. With geological field teams very active, along with our very active social programs in Peru, we remain excited about Hannan's short-, medium- and long-term exploration opportunities for large-scale copper-gold-silver discoveries in frontier areas.\"The Company plans to use the net proceeds to...