Hannan Metals(TSXV:HAN)announces the closing of the first tranche (the First Tranche) of the Company’s oversubscribed non-brokered private placement financing (the Offering) that was announced onAugust 2, 2017, andAugust 14, 2017.

Key Points:

  • First tranche closing, and issuance of 10,550,713 units at an issue price ofC$0.26per unit for gross proceeds ofC$2,743,185;
  • Second and final tranche of the oversubscribed Offering of 2,049,287 units for gross proceeds of$532,815is expected to close on or beforeAugust 24, 2017. This will bring financing to a total of 12,600,000 units for gross proceeds of up toCdn$3,276,000as announced onAugust 14, 2017;

Under the First Tranche, the Company issued 10,550,713 units (the Units) at an issue price ofC$0.26per Unit for gross proceeds ofC$2,743,185. Each Unit comprises one common share (a Share) and one-half of one common share purchase warrant (a Warrant). Each whole Warrant entitles the holder to purchase one additional Share of the Company at an exercise price ofCdn$0.40for a period of two years expiringAugust 18, 2019. The Company paid broker fees of$43,453.80cash commission and issued 167,130 broker warrants to arm’s length finders. All securities issued under the First Tranche are subject to a four-month and one day hold period under applicable securities laws inCanadaexpiring onDecember 19, 2017.

The second and final tranche of the Offering which is necessary to accommodate the oversubscription announced by the Company onAugust 14, 2017, is expected to close on or beforeAugust 24th2017. The Company will pay finder’s fees on a portion of the second tranche. Certain insiders of the Company that have participated in the financing will be included in the second tranche closing.

The Company plans to use the net proceeds from the Offering to fund exploration expenditures at the Company’s Kilbricken Project inIreland, as well as for general working capital and 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 ofthe United Statesand may not be offered or sold withinthe United States(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)

Hannan Metals Limitedhas 100% ownership of the County Clare Zn-Pb-Ag-Cu project inIreland,