VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) (the "Company") is pleased to announce that it has closed the first tranche of its brokered private placement announced on April 1, 2009 (the "Offering"). The first tranche consists of 10,502,000 units at a price of $0.25 per unit (the "Units") for gross proceeds of $2,625,500. Each Unit is comprised of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant referred to as a "Warrant"). Each Warrant entitles the holder to acquire, upon exercise, one additional common share in the capital of the Company exercisable on or before May 22, 2011 at a price of $0.35 per share.
Union Securities Ltd. (the "Agent") acted as agent in connection with the Offering. In consideration for its services, the Agent received: (i) a cash commission in the amount of $210,040, representing 8% of gross proceeds of the first tranche of the Offering; (ii) a work fee of $10,000 plus GST; and (iii) was granted 1,050,200 non-transferable agent's compensation options (the "Agent's Option"); each Agent's Option entitles the holder to purchase one unit (the "Agent's Unit") exercisable on or before May 22, 2011 at an exercise price of $0.285 per Agent's Unit. Each Agent's Unit is comprised of one common share and one-half of one common share purchase warrant (the "Agent's Warrant") exercisable on or before May 22, 2011 at a price of $0.35 per share.
All securities issued and issuable under the first tranche of the Offering are subject to a hold period expiring on September 23, 2009.
In addition, the Company has closed a non-brokered private placement (the "Placement") consisting of 930,000 Units at a price of $0.25 per unit (the "Non-brokered Units") for gross proceeds of $232,500. Each Non-brokered Unit is comprised of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant referred to as a "Warrant"). Each Warrant entitles the holder to acquire, upon exercise, one additional common share in the capital of the Company exercisable on or before May 26, 2011 at a price of $0.35 per share.
The securities issued and issuable pursuant to the Placement are subject to a hold period expiring on September 27, 2009.
About Hana Mining
Hana Mining is a junior exploration company seeking to acquire, explore and develop highly prospective precious, base metal and other mineral projects worldwide with emphasis in southern Africa. The Company has the right to acquire a 70% controlling interest in the Ghanzi Copper-Silver Project. The property consists of five license blocks covering 2,200 square kilometers that contain widespread sediment-hosted copper-silver mineralization.
Joseph Arengi, M.Sc., P.Geo., Vice President of Exploration for Hana Mining is the qualified person as defined in NI 43-101.
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