Hana Mining has announced that the private placement announced on September 11 as amended October 13 was not proceeded with. Instead, the company has now arranged a non-brokered private placement for proceeds of up to $1,500,000 (P12 million).
The net proceeds of the private placement will be used to fund on-going exploration of its highly prospective Ghantsi Copper-Silver Project. Hana said on Monday that some of the funds raised will also be used for increasing the number of drilling rigs on the property and to develop the property"s mineralisation into proven, indicated and inferred resource categories.
The non-brokered private placement will consist of up to 30,000,000 units at a price of $0.05 per unit. Each unit will consist of one common share and one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional common share of the company for a period of two years from the closing date of the placement at a price of $0.10 per share.
As previously announced, the Canadian company has agreed to pay a finder"s fee of 5 percent in connection with a portion of the private placement and the finder may elect to take all or a portion of the fee in units.
The private placement is subject to acceptance by the TSX Venture Exchange. The offered securities will not be registered under the United States Securities Act of 1933 as amended (the US Securities Act), and may not be offered or sold within the United States or to the account or benefit of US persons, except in certain transactions exempt from the registration requirements of the US Securities Act.
This press release does not constitute an offer to sell or solicitation of an offer to buy securities of the company in the United States.
Hana Mining is a junior exploration company seeking to acquire, explore and develop highly prospective precious base metals and other mineral projects worldwide with emphasis in southern Africa. The company has the right to acquire a 70-percent controlling interest in the Ghantsi Copper-Silver Project.
The property consists of five licence blocks covering 4,370 square kilometres that contain widespread sediment-hosted copper mineralisation.
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