Hannan Announces Private Placement Financing to Raise C$1.3 Million
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE APRIL 24, 2023
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION
OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
HANNAN ANNOUNCES PRIVATE PLACEMENT FINANCING TO RAISE C$1.3 MILLION
Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSX.V: HAN) ( OTCPK: HANNF)
announces a non-brokered private placement financing (the “ Offering”) of up to 5,360,000 units of the Company (the
"Units") at a price of C$0.25 per Unit (the “Issue Price”) for gross proceeds of up to C$1,340,000. Each Unit comprises
one common share (a “Share”) and one-half of one common share purchase warrant (a “Warrant”). Each Warrant entitles
the holder to purchase one additional Share of the Company at an exercise price of C$0.35 for a period of three years from
closing of the Offering. The Company has the right to force conversion of the Warrants, if at any time from and after the
date of issuance, the weighted average closing price of the Company’s common shares on the TSX Venture Exchange (the
“Exchange”), equals or exceeds C$0.50 for 20 consecutive trading days. The expiry date of the Warrants will then be 30
days from the date of issue of a news release announcing the forced conversion.
Finder’s fees may be payable on a portion of the Offering. Certain insiders of the Company will participate in the Offering.
All securities to be issued pursuant to the Offering will be su bject to a four-month hold period under applicable securities
laws in Canada. The Offering is subject to certain conditions customary for transactions of this nature, including, but not
limited to, the receipt of all necessary approvals, including the approval of the Exchange.
The Company plans to use the net proceeds to fund exploration expenditures at the Company’s Peruvian, Chilean and Irish
projects, as well as for general working capital and corporate purposes.
This press release does not constitute an offer to sell or a so licitation of an offer to buy nor shall there be any sale of an y
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 b e offered or sold within the United States (as defined in
Regulation S under the U.S. Securities Act) unless registered u nder 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 co mpany developing sustainable 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 Latin America. Hannan is a top ten in-country explorer by area in Peru, and has
recently optioned a copper-porphyry project in Northern Chile.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.hannanmetals.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary,
+1 (604) 685 9316, [email protected]
Forward Looking Statements
Certain information set forth in this news release contains “forward-looking statements”, and “forward- looking information” for the purposes of applicable
securities laws, including the terms of the Offering, the compl etion of the Offering and the anticipated use of proceeds. In m aking the forward-looking
statements the Company has applie d certain factors and assumpti ons that are based on the Company's current beliefs as well as assumptions made by
and information currently available to the Company. These state ments address future events and conditions and, as such, involv e known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the failure to complete
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the Offering in the timeframe and on the terms as anticipated b y management, market conditions and the ability to obtain all n ecessary regulatory
approvals, the political environment in which the Company opera tes continuing to support the development and operation of mini ng projects; the threat
associated with outbreaks of viruses and infectious diseases, i ncluding the novel COVID-19 virus; risks related to negative pu blicity with respect to the
Company or the mining industry in general; planned work program s; permitting; and community relations. Readers are cautioned not to place undue
reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-
looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Pr ovider (as that term is defined in the policies of the TSX Vent ure Exchange) accepts
responsibility for the adequacy or accuracy of this news release.