Hannan Metals Limited (CVE:HAN) (OTCPINK:HANNF) has announced that an additional 6,735,167 of its July common share purchase warrants have been exercised bringing aggregate gross proceeds to the company of $1,695,552.
The company said, that, further to its announcement dated April 28, 2021, 6.7 million July warrants have now been exercised for aggregate gross proceeds to the company of $1.7 million, representing an almost universal take-up by shareholders of the total warrants that expired on July 06, 2021.
READ: Hannan Metals starts major new LiDAR survey over its San Martin copper-silver project in Peru
In a statement, Michael Hudson, CEO of Hannan Metals commented: "I would like to thank all our shareholders for their almost universal take-up of warrants and their continued support and vote of confidence in Hannan. The interests of shareholders and insiders, given their substantial co-participation in the exercise of warrants, are further aligned to benefit from the success of Hannan's exploration efforts to define large-scale copper-gold-silver mineral systems throughout Peru's frontier areas.
"Hannan is now even better positioned, with both a fully-funded US$35M joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC)on a third of our Peruvian holdings, as well as a healthy treasury to fund and advance exploration on two-thirds of the company's vast mining concession portfolio in Peru."
As of July 06, 2021, the expiry date of the July warrants, 98.38% of the total warrants issued were exercised. No commission has been paid in connection with the exercise of the warrants.
Proceeds are being used for the company's ongoing exploration programs and for general working capital purposes.
The company said there remain 14,517,429 warrants outstanding ranging in prices from $0.30 to $0.35, which, if exercised, will provide the company with additional proceeds of approximately C$4.4 million.
Hannan Metals is a Top 10 in-country Peru explorer with 217,200 hectares (ha), or 2,172 square kilometres (sq km) of tenure, of which 62% (135,700ha/1,357 sq km) is explored in its own right and 38% (81,500 ha/815 sq km) explored in joint venture with JOGMEC.
JOGMEC has the option to earn up to a 75% beneficial interest from Hannan in the San Martin Project by spending up to US$35,000,000 to deliver a feasibility study to the joint venture.
Hannan Metals is a natural resources and exploration company developing sustainable 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.
Contact the author at jon.hopkins@proactiveinvestors.com