Hannan Metals Ltd. announced a non-brokered private placement of up to 7,142,857 units at a price of CAD 0.35 per unit for the gross proceeds of CAD 2,500,000 on June 4, 2024. Each unit comprises one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at an exercise price of CAD 0.50 for a period of two years from closing of the offering.

Finder's fees may be payable on a portion of the offering. Certain insiders of the company will participate in 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 offering is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the exchange.