/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
VANCOUVER, May 1, 2019 /CNW/ - Hannan Metals Limited
("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces that further to its news release of
April 24, 2019, the Company has
closed the second tranche (the "Second Tranche") of its
private placement financing (the "Offering"). Under
the Second Tranche, the Company has issued 795,000 Units at an
issue price of C$0.10 per Unit for
gross proceeds of C$79,500.
In the aggregate, together with the closing of the first tranche
as announced by the Company on April 24,
2019, the Company has issued 5,000,000 Units for gross
proceeds of $500,000. The
Company plans to use the net proceeds to fund exploration
expenditures at the Company's San Martin sediment-hosted
copper-silver project in Peru, as
well as for general working capital and corporate purposes.
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 C$0.15 for a period of two years
expiring on April 30, 2021.
All securities issued pursuant to the Second Tranche
are subject to a four-month and one day hold period under
applicable securities laws in Canada expiring on August 31, 2019.
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 or to, or for
the account or benefit of, a U.S. person (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 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 proposed use of the net proceeds from 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.
