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VANCOUVER, Feb. 18, 2020 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces the closing of its non-brokered private
placement financing (the "Offering") that was previously
announced on January 15, 2020. A
total of 14,683,262 units (the "Units") of the Company were
issued in connection with the Offering at a price of $0.15 per Unit for gross proceeds to the Company
of $2,202,489. Each Unit consists of
one common share and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to purchase one
additional common share of the Company at an exercise price of
$0.30 for a period of two years
expiring on February 18,
2022.
All securities issued pursuant to the Offering are subject to a
four-month hold period under applicable securities laws in
Canada expiring on June 19, 2020. The Offering is subject to the
final acceptance of the TSX Venture Exchange. The Company paid
aggregate cash finders' fees of $97,600 to two finders in respect of a portion of
the Offering. No securities were issued to finders.
The Company intends to use the net proceeds from the Offering
for exploration on the Company's Peruvian exploration properties
and for working capital and general corporate purposes.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities have not
been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act"), or the securities laws of any state of the United States, and may not be offered or
sold in the United States or to,
or for the account or benefit of, U.S. persons (as defined in
Regulation S under the U.S. Securities Act) absent registration
under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration requirements.
About Hannan Metals Limited
(TSX.V:HAN) (OTCPK: HANNF)
Hannan Metals
Limited is a natural resources and exploration company
developing sustainable and ethical resources of metal needed to
meet the transition to a low carbon economy. Over the last decade,
the team behind Hannan has forged a long and successful record of
discovering, financing and advancing mineral projects in
Europe and Peru.
On behalf of the Board,
"Michael
Hudson"
Michael Hudson, Chairman &
CEO
Forward Looking Statements
Certain information set forth in this news release contains
"forward-looking statements" and "forward- looking information"
under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements, which include the Company's
expectations regarding future performance based on current results,
the intended use of proceeds from the Offering, final acceptance of
the Offering from the TSX Venture Exchange, expected cash costs
based on the Company's current internal expectations, estimates,
projections, assumptions and beliefs, which may prove to be
incorrect. These statements are not guarantees of future
performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause the Company's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statement. These risks
and uncertainties include, but are not limited to: the use of the
net proceeds from the Offering, the granting of additional claim
applications in Peru, community
relations, permitting, liabilities inherent in mine development and
production, geological risks, the financial markets generally, and
the ability of the Company to raise additional capital to fund
future operations. There can be no assurance that forward-looking
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Hannan Metals Ltd.
