Hispania Resources Inc. Announces Closing of Non-Brokered Private Placement
Hispania Resources Inc. Announces Closing of
Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - October 3, 2025) - Hispania Resources Inc. (TSXV: ESPN)
("
Hispania
" or the "
Company
"), is pleased to announce that it has closed its previously announced non-
brokered private placement (the "
Offering
"). In connection with the Offering, the Company issued
20,000,000 units of the Company (the "
Units
") at a price per Unit of $0.025 for aggregate proceeds of
$500,000.
The Units consist of (i) one common share of the Company (each, a "
Common Share
"); and (ii) one
Common Share purchase warrant (each, a "
Warrant
"). Each Warrant shall entitle the holder to acquire
one additional Common Share at an exercise price of C$0.05 for a period of 36 months following the
Offering.
The proceeds from the Offering will be used for exploratory work at any of the Company's three owned
mining assets, as well as general working capital and general administrative expenses.
No commission or finders fees were payable in connection with the Offering.
The securities issued pursuant to the Offering will be subject to a four-month and one day hold period in
accordance with applicable Canadian securities laws and TSXV policies.
Rahim Allani subscribed, directly or indirectly, for 1,800,000 Units. Mr. Allani is considered a related
party for the purposes of Multilateral Instrument 61-101 -
Protection of Minority Security Holders in
Special Transactions
("
MI 61-101
"), and his purchase of Units constitutes a "related party transaction"
within the meaning of MI 61-101. The Company is relying upon exemptions from the formal valuation and
minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a),
respectively. The Board of Directors of the Company has, subject to the appropriate recusal of the
interested directors, unanimously approved the issuance and no contrary view or abstention was
expressed or made by any director in relation to the issuances. The Company has not filed a material
change report more than 21 days before the expected closing of the Offering as the details of the
Offering and the participants thereof had not yet been finalized.
Prior to the Offering, Mr. Allani owned, or had control or direction over 4,282,000 Common Shares,
representing approximately 7.75% of issued and outstanding Common Shares on a partially diluted
basis. After the closing of the Offering, Mr. Allani owns, or has control over 6,082,000 Common Shares
and 1,800,000 Warrants representing approximately 8% of the issued and outstanding Common Shares
on a partially diluted basis. This disclosure is being included pursuant National Instrument 62-103 -
The
Early Warning System and Related Take-Over Bid and Insider Reporting Issues
which requires a
report to be filed under the Company's profile on SEDAR+ containing additional information respecting
the foregoing matters.
About Hispania Resources Inc.
Hispania Resources Inc is a mineral exploration company focused on mining opportunities in Spain.
Hispania is currently focused on developing 3 core assets across Spain, including the copper, zinc
project Otero; the formerly producing tin project Lumbrales; and the copper, zinc Puebla de la Reina
project. The management of Hispania contains industry veterans who have more than 120 years of
mineral exploration and production experience in multiple jurisdictions and have successfully managed
multiple international mining companies. This includes in Spain, where some of the team was
responsible for the founding and building of Iberian Minerals with the continued support of the local and
regional governments, including the well-developed and sophisticated transportation and mining
infrastructure.
For more information on Hispania Resources Inc., visit:
http://HispaniaResources.com
.
Contact Information
For further information, please contact:
Norman Brewster – Chief Executive Officer
Rahim Allani – Director
(416) 457-0549
Forward Looking Statements
Certain information in this news release constitutes forward-looking statements and forward-looking
information (collectively, the "
forward-looking statements
") within the meaning of Canadian securities
laws, and is subject to numerous risks, uncertainties, and assumptions, many of which are beyond the
Company's control. This forward-looking information includes, among other things, information with
respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The
words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate",
"expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-
looking information, including the use of proceeds of the Offering. The forward-looking information in this
news release describes the Company's expectations as of the date of this news release.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the
Company's forward-looking information to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events. The Company has assumed
a certain progression, which may not be realized. It has also assumed that the material factors referred
to in the previous paragraph will not cause such forward-looking information to differ materially from
actual results or events. However, the list of these factors is not exhaustive and is subject to change and
there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking statements contained in this news release represent the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward-looking information and should not rely upon this
information as of any other date. While the Company may elect to, it does not undertake to update this
information at any particular time.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to United States Newswire Services or for dissemination in the United States.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/269021