VANCOUVER, Feb. 17, 2017 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) announces the closing of its previously announced non-brokered private placement financing (the "Offering") of 5,800,000 units of the Company (the "Units") at a price of Cdn$0.26 per Unit for gross proceeds of Cdn$1,508,000. 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 Cdn$0.40 per Share for a period of one year expiring on February 17, 2018.
The Company paid cash finder's fees of $35,880 and issued 138,000 common share purchase warrants (the "Finder's Warrants") to a finder in connection with certain subscriptions in the Offering. The Finder's Warrants have the same terms as the Warrants.
All securities issued pursuant to the Offering are subject to a four-month hold period expiring on June 18, 2017.
The Company plans to use the net proceeds to fund exploration expenditures at the Company's Kilbricken Project in Ireland, as well as for general working capital and 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 within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Hannan Metals Limited (TSX.V:HAN)
Hannan Metals Limited has 100% ownership of the County Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting licences for 32,223 hectares. The Kilbricken project, a new high-grade Zn-Pb-Ag-Cu discovery is the Company's flagship project. Better intersections, to date, include DH 46: 20.5m @ 7.5% Zn, 9.9% Pb, 0.07% Cu, 74.6g/t Ag, DH06: 21.3m @ 11% Zn, 4.8% Pb, 0.06% Cu, 94.4g/t Ag. The project is drilled over more than 1.5 kilometres and is ready to explore and expand within a 40 kilometre strike area. Mr. Michael Hudson, Hannan's CEO and Chairman, is a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release.
