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VANCOUVER, Jan. 15, 2020 /CNW/ - Hannan Metals Limited
("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces a non-brokered private placement
financing (the "Offering") of up to 14,666,667 units of the
Company (the "Units") at an issue price of Cdn$0.15 per Unit (the "Issue Price") for
gross proceeds of up to Cdn$2,200,000. Each Unit comprises one
common share and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to
purchase one additional common shares of the Company at an exercise
price of Cdn$0.30 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 intends to use the net proceeds received from the
Offering for exploration on the Company's Peruvian exploration
properties and for working capital and general corporate purposes.
Finder's fees may be payable on a portion of the Offering.
The Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory approvals,
including the approval of the TSX Venture 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 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.
Hannan's 100% owned San Martin project encompass a newly
identified, basin-scale high-grade copper-silver system situated
along the foreland region of the eastern Andes Mountains in
Peru and neighboring countries.
Geologically, these share similarities with sedimentary
copper-silver deposits including the vast
Kupferschiefer deposit in Eastern
Europe and deposits of the African Copper Belt situated in
sub-Saharan Africa, two of the largest copper districts on earth.
Hannan recognized the exceptional potential for large copper-silver
deposits in this part of Peru and
has aggressively staked a commanding position over 521 square
kilometres ("sq km") of prospective geology.
Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a
Qualified Person as defined in National Instrument 43-101, has
reviewed and approved the technical disclosure contained in this
news release.
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 proposed
use of the net proceeds received from the Offering, the Company's
expectations regarding timing to start and complete field work and
outcome of results, the timing and 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.
SOURCE Hannan Metals Ltd.