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Hannan announces closing of oversubscribed private placement financing
Hannan announces closing of oversubscribed private placement financing Canada News...
About this update from Hannan Metals Ltd.
[{"type":"text","content":"\n\n\n\nHannan announces closing 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, July 9, 2018\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, July 9, 2018 /CNW/ -  Hannan Metals Limited (\"Hannan\" or the \"Company\") (TSX.V: HAN) (OTCPK: HANNF) announces the closing of its non-brokered private placement financing (the \"Offering\") that was previously announced on June 7, 2018. Under the Offering, the Company has issued 7,370,900 units of the Company (the \"Units\") at a price of Cdn$0.15 per Unit (the \"Unit Price\") for gross proceeds of Cdn$1,105,635.  Each Unit comprises one common share (a \"Share\") and 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 Cdn$0.25 for a period of three years from closing of the Offering.  Each Warrant is subject to a forced conversion once the shares trade above a weighted average trading price of Cdn$0.45 per common share for any 20 consecutive trading days commencing at any time after November 7, 2018. The expiry date of the Warrants will then be 30 days from the date of issue of a news release announcing the forced conversion.\n\n\n \n \n\n \nThe Company paid broker fees of Cdn$3,000 cash commission and issued 20,000 broker warrants to an arm's length finder.  All securities issued under the Offering are subject to a four-month and one day hold period under applicable securities laws in Canada expiring on November 7, 2018.  \n\nParticipation by Insiders of the Company in the Offering is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is exempt from the requirements to obtain a formal valua...