(17-06-2024) Hannan Metals Limited (TSX-V: HAN; OTCPK: HANNF), Vancouver, an exploration company focused on copper in Peru and Chile, announced that the non-brokered private placement financing announced by the company on June 4 has been oversubscribed and, as a result, the size of the offering has been increased.
The company now proposes to issue up to 10,000,000 units at a price of CAN$ 0.35 per unit, to raise gross proceeds of up to CAN$ 3.5 million. Each unit consists of one common share and half a warrant. Each whole warrant entitles the holder to purchase one additional share at an exercise price of CAN$ 0.50 for a period of two years from the closing of the offering. Additional options for warrant treatment are included.
The company plans to use the net proceeds of the private placement to fund exploration expenses on its Peruvian and Chilean projects, as well as for general working capital and corporate purposes.