Hannan Announces Closing Of Oversubscribed Non-Brokered Private Placement

VANCOUVER, BC / ACCESSWIRE / June 27, 2024 / Hannan Metals Limited ("Hannan" or the "Company") (TSX.V:HAN)(OTCPK:HANNF) has closed its non-brokered unit private placement ("Offering") announced earlier this month. The Company issued 10,593,513 units at C$0.35 per Unit, raising gross proceeds of C$3,707,730. The high investor interest led to an increase in the Offering.

Each Unit includes one common share and one-half of a share purchase warrant. Each whole Warrant permits the holder to buy an additional share at C$0.50 within two years. Hannan retains the right to force conversion if the weighted average closing price of its shares on the TSX Venture Exchange meets or exceeds C$0.70 for 20 consecutive trading days.

Teck Resources Limited, Hannan's largest shareholder, maintained its 9.84% ownership by purchasing 714,286 Units, contributing C$250,000. The net proceeds will fund exploration in Peru and Chile, and general corporate purposes.

Company insiders bought 258,571 Units, which was exempt from certain regulatory requirements. The Offering is subject to final approval from the TSX Venture Exchange, and securities issued are subject to a four-month hold period expiring on October 28, 2024.