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Announces Closing of 1st Tranche of $1.5 Million Private Placement
Feb 05, 2009 03:10AM
February 4, 2009
Hana Mining Announces Closing of 1st Tranche of $1.5 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) is pleased to announce that it has closed the first tranche of the non-brokered private placement announced on December 8, 2008, consisting of 21,140,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of $1,057,000. Each Unit consists of one common share ("Common Share") and one non-transferable share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Common Share in the capital of the Company exercisable on or before January 27, 2011 at a price of $0.10 per share. In addition, the Company issued an aggregate 925,000 Units as finders' fees in connection with a portion of such private placement.
The securities are subject to a hold period expiring on May 28, 2009.
The net proceeds of the private placement will be used to fund ongoing exploration of its highly prospective Ghanzi Copper-Silver Project located in the Republic of Botswana and for general working capital purposes.
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 4,370 square kilometers that contain widespread sediment-hosted copper mineralization.