Hannan Metals Ltd (TSX: HAN, OTCPK: HANNF) has raised around C$1.105mln via its previously announced private placing and plans to use the funds for exploration at its Clare Project in Ireland, as well as for general working capital and corporate purposes.
The resource firm issued over 7.37mln shares at 15 cents each for gross proceeds of C$1,105,635.
Each unit consisted of one share and one share purchase warrant. The latter entitles the holder to purchase one further share of the firm at an exercise price of C$0.25 for three years from closing.
It paid broker fees of C$3,000 cash commission and issued 20,000 broker warrants to an arm's length finder.
All securities issued are subject to a four-month and one day hold period Canada expiring on November 7, 2018.