Hannan Metals' Private Placement Financing Oversubscribed and Upsized

Vancouver, BC / AccessWire / June 14, 2024 - Hannan Metals Limited ("Hannan" or the "Company") announced that its non-brokered private placement financing (the "Offering") is now oversubscribed. As a result, the Company has upsized the Offering. Hannan will issue up to 10,000,000 units at a price of C$0.35 per unit, for gross proceeds of up to C$3.5 million.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant allows purchase of one additional share at C$0.50 within two years of the Offering's closing. The Company can force conversion of these warrants if the average closing price of the Company's shares on the TSX Venture Exchange reaches or exceeds C$0.70 for 20 consecutive trading days.

Insiders will participate in the Offering, subject to certain conditions, including receipt of all necessary approvals. The funds will support exploration in Peru and Chile, as well as general corporate purposes. The closing is expected around June 26, 2024.