CA - Hannan announces private placement financing to raise C$1.3M

2023-04-24 06:44:49 ET

• Hannan Metals ( OTCPK:HANNF ) announces a non-brokered private placement financing of up to 5,360,000 units at a price of C$0.25 per unit for gross proceeds of up to C$1,340,000.
• Each Unit comprises one common share and one-half of one common share purchase warrant. Each Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of C$0.35 for a period of three years from closing of the Offering.
• 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, equals or exceeds C$0.50 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.
• The Company plans to use the net proceeds to fund exploration expenditures at the Company's Peruvian, Chilean and Irish projects, as well as for general working capital and corporate purposes.
• Source: Press Release

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