Hannan Metals receives $2.25M from warrant exercises

Executive Summary

• Hannan Metals Ltd. exercised 4,518,111 warrants at C$0.50 each, generating C$2.25 million in cash for the treasury.
• The exercised warrants were issued in connection with a private placement that closed on June 27, 2024; no warrants remain outstanding.
• CEO Michael Hudson highlighted that the additional capital strengthens Hannan’s position as it commences first‑time drilling on its Peru projects.

Key Details

• Warrants exercised: 4,518,111 units.
• Exercise price: C$0.50 per warrant.
• Total proceeds: C$2,259,055 (≈ US$1.66 million at prevailing rates).
• Source of warrants: Issued as part of a private placement that closed on 27 June 2024.
• Outstanding warrants after exercise: Zero – all previously issued warrants have been fully exercised.
• Use of proceeds (as stated by CEO): To bolster the treasury and fund ongoing exploration and first‑time drilling activities in Peru, supporting Hannan’s strategy to discover large gold‑copper deposits.

Notable Quotes

“We thank our shareholders for their continued confidence in Hannan. The exercise of these warrants, adding $2.25‑million to our treasury, strengthens our position as we advance our pioneering exploration strategy in Peru.” – Michael Hudson, CEO & Executive Chairman.