Hispania arranges $1-million private placement

Executive Summary

• Hispania Resources Inc. announced a non‑brokered private placement of up to 40 million units for aggregate gross proceeds of up to $1 million.
• Each unit is priced at $0.025, consisting of one common share and one warrant to purchase an additional share at $0.05 per share, exercisable for 36 months after the offering.
• Proceeds will fund exploratory work on the company’s three owned mining assets in Spain and cover general working capital and administrative expenses.

Key Details

• Units Offered: Up to 40 million units at $0.025 per unit.
• Composition of Each Unit: 1 common share + 1 common share purchase warrant.
• Warrant Terms: Right to purchase one additional common share at $0.05 per share; exercisable for 36 months post‑offering.
• Total Gross Proceeds Target: Up to $1,000,000.
• Use of Proceeds:
• Exploratory work on three owned Spanish mining assets (Otero copper‑zinc project, Lumbrales tin project, Puebla de la Reina copper‑zinc project).
• General working capital.
• General administrative expenses.
• Finder’s Fees: Up to 6 % of gross proceeds may be paid to qualified arm’s‑length finders.
• Insider Participation: Insiders may subscribe for up to 9.9 % of the offering (3.96 million units) for aggregate gross proceeds of $99,000, constituting a related‑party transaction under MI 61‑101.
• Regulatory & Closing Conditions: Subject to receipt of all required regulatory approvals, including TSX Venture Exchange approval; securities will be subject to a statutory hold period of four months and one day from issuance.

Notable Quotes

(No direct quotes were provided in the release.)