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VANCOUVER, March 28, 2019 /CNW/ - Hannan
Metals Limited ("Hannan" or the "Company") (TSXV: HAN)
(OTCPK: HANNF) announces a non-brokered private placement
financing (the "Offering") of up to 5,000,000 units of the
Company (the "Units") at a price of Cdn$0.10 per Unit (the "Unit Price") for
gross proceeds of up to Cdn$500,000.
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 Cdn$0.15 for a period of two years
from closing of the Offering.
All securities to be issued pursuant to the Offering will be
subject to a four-month hold period under applicable securities
laws in Canada.
The Company plans to use the net proceeds to fund exploration
expenditures at the Company's projects in Peru and Ireland, as well as for general working
capital and corporate purposes.
Hannan has engaged Canaccord Genuity Corp. to act as its
financial advisor for the offering. Finder's fees may be payable on
a portion of the Offering. Certain insiders of the Company
will participate in the Offering.
The Offering is subject to receipt of approval from the
Exchange.
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 within
the United States (as defined in
Regulation S under the U.S. Securities Act) unless registered 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 base metal project generation
company. It has 100% ownership of the County Clare Zn-Pb-Ag project
in Ireland, which consists of 9
prospecting licenses for 35,444 hectares and has recently filed
mineral claim applications for 35,400 hectares within the San
Martin Province in Peru searching
for copper and silver. 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,
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 projects of future
performance or results expressed or implied by such forward-looking
statement. These risks and uncertainties include, but are not
limited to: The successful completion of the Offering, the granting
of the 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.
