VANCOUVER, Aug. 2, 2017 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) (OTCPK: HANNF) announces a non-brokered private placement financing (the "Offering") of up to 7,700,000 units of the Company (the "Units") at a price of Cdn$0.26 per Unit (the "Unit Price") for gross proceeds of up to Cdn$2,002,000. 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 for a period of two years from closing of the Offering.
Finder's fees may be payable on a portion of the Offering. Certain insiders of the Company may participate in the Offering.
All securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada.
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.
The Offering is subject to receipt of approval from the Exchange.
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. Zinc remains in tight supply amidst rising demand and stagnant supply. Ireland is a leading global jurisdiction for zinc mining and exploration. In 2015, Ireland was the world's 10th largest zinc producing nation with 230,000 tonnes produced.
This maiden mineral resource for Kilbricken was published in July 2017, and immediately ranks Kilbricken as one of the top ten base metal deposits discovered in Ireland by tonnes and grade. Total indicated mineral resources were calculated as 2.7 million tonnes at 8.8% zinc equivalent ("ZnEq"), including 1.4 million tonnes at 10.8% Zneq and total inferred mineral resources of 1.7 million tonnes at 8.2% ZnEq, including 0.6 million tonnes at 10.4% ZnEq. Importantly, the initial resource is expandable at all scales, from near resource to prospect scale.
Over the last decade, the team behind Hannan has forged a long and successful record of financing and discovering mineral projects in Europe. Additionally, the team holds extensive zinc experience, gained from the world's largest integrated zinc producer of the time, Pasminco Ltd.
Mr. Michael Hudson FAusIMM, Hannan's CEO and Chairman, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
