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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.
