Hannan Announces Closing of Private Placement Financing
Hannan Announces Closing of Private
Placement Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR RELEASE,
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./
VANCOUVER
,
Nov. 27, 2019
/CNW/ -
Hannan Metals Limited
("Hannan" or the "Company")
(TSXV: HAN) (OTCPK: HANNF)
announces the closing of its non-brokered private placement
financing (the "
Offering
") that was previously announced on
November 12
, 2019. Under the
Offering, the Company has issued 4,753,077 common shares of the Company (the "
Common
Shares
") at a price of
$0.065
per Common Share (the "
Issue Price
") for gross proceeds of
$309,000
.
All Common Shares issued under the Offering are subject to a four-month and one day hold period
under applicable securities laws in
Canada
expiring on
March 28
, 2020.
Participation by Insiders of the Company in the Offering is considered a "related party transaction"
pursuant to Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
"). The Company is exempt from the requirements to obtain a formal
valuation or minority shareholder approval in connection with the Insiders' participation in the Offering
in reliance of sections 5.5(b) and 5.7(a) of MI 61-101. Certain directors and officers of the
Company participated in the Offering and purchased and aggregate of 653,847 Common Shares for
aggregate gross proceeds of
$42,500
to the Company.
The Company plans to use the net proceeds to fund exploration on the Company's Peruvian
exploration properties and for working capital and general 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 in
the United States
or to, or for the account or
benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent
registration 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)
(OTCPK: HANNF)
Hannan Metals Limited
is a natural resources and exploration company developing sustainable and
ethical resources of metal needed to meet the transition to a low carbon economy. Over the last
decade, the team behind Hannan has forged a long and successful record of discovering, financing
and advancing mineral projects in
Europe
and Peru.
On behalf of the Board,
"Michael Hudson"
Michael Hudson
, Chairman & CEO
Forward Looking Statements
Certain information set forth in this news release contains "forward-looking statements", and
"forward- looking information" under applicable securities laws. Except for statements of historical
fact, certain information contained herein constitutes forward-looking statements, which include the
Company's expectations regarding future performance based on current results, the use of proceeds
from the Offering, expected cash costs based on the Company's current internal expectations,
estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements
are not guarantees of future performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown risks and uncertainties, which
may cause the Company's actual performance and financial results in future periods to differ
materially from any projections of future performance or results expressed or implied by such
forward-looking statement. These risks and uncertainties include, but are not limited to: the use of
the net proceeds from the Offering, the granting of claim applications in
Peru
, community relations,
liabilities inherent in mine development and production, geological risks, the financial markets
generally, and the ability of the Company to raise additional capital to fund future operations. There
can be no assurance that forward-looking statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such statements. The Company
undertakes no obligation to update forward-looking statements if circumstances or management's
estimates or opinions should change except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE
Hannan Metals Ltd.
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For further information:
www.hannanmetals.com, 1305 - 1090 West Georgia St., Vancouver, BC,
V6E 3V7, Mariana Bermudez, Corporate Secretary, +1 (604) 685 9316, [email protected]
CO: Hannan Metals Ltd.
CNW 16:05e 27-NOV-19