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Hannan Metals closes C$1.5mln private placement

Wednesday, February 22, 2017 20:19
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Hannan Metals (CVE:HAN) said on Friday it has closed a non-brokered private placement of 5,800,000 units at a price of C$0.26 per unit for gross proceeds of C$1,508,000.

Each unit comprises one common share and one-half of one common share purchase warrant. Each whole Warrant entitles the holder to purchase one additional share of the company at an exercise price of C$0.40 per share for a period of one year expiring on February 17, 2018.

The company paid cash finder’s fees of C$35,880 and issued 138,000 common share purchase warrants to a finder in connection with certain subscriptions in the Offering. The Finder’s Warrants have the same terms as other warrants. All securities issued are subject to a four-month hold period expiring on June 18.

The company plans to use the net proceeds to fund exploration expenditures at the company’s Kilbricken Project in Ireland, as well as for general working capital and corporate purposes.

Hannan Metals Limited has 100% ownership of the County Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting licences for 32,223 hectares.

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