Business
Hannan Announces First Tranche Closing of Private Placement Financing
Hannan Announces First Tranche Closing of Private Placement Financing Canada NewsW...
About this update from Hannan Metals Ltd.
[{"type":"text","content":"\n\n\n\nHannan Announces First Tranche Closing of 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, April 24, 2019\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 VANCOUVER, April 24, 2019 /CNW/ - Hannan Metals Limited (\"Hannan\" or the \"Company\") (TSXV: HAN) (OTCPK: HANNF) announces the closing of the first tranche (the \"First Tranche\") of its previously announced private placement financing (the \"Offering\").  Under the First Tranche, the Company has issued 4,205,000 Units at an issue price of C$0.10 per Unit for gross proceeds of C$420,500.   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$0.15 for a period of two years expiring on April 24, 2021.  The Company paid cash finder's fees of C$600 to an arm's length finder.  \n\n \n \n\n \nThe Company plans to use the net proceeds to fund exploration expenditures at the Company's projects in Peru and Ireland, as well as for general working capital and corporate purposes. \nThe second tranche of the Offering for additional proceeds of C$79,500 is expected to close on or about April 30, 2019. \nCertain directors and officers of the Company (the \"Insiders\") participated in the First Tranche and purchased an aggregate of 1,450,000 Units for aggregate gross proceeds of C$145,000.  Participation 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 valuation and minority shareholder approval in connection with the Insiders' participa...