Completes $3.2 Million Placement
posted on May 30, 2009 12:54AM
Edit this title from the Fast Facts Section
|May 29, 2009|
|Hana Mining Completes $3.2 Million Placement|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) (the "Company") is pleased to announce that it has closed the second tranche of its brokered private placement announced on April 1, 2009 (the "Offering"). The second tranche consists of 1,410,000 units at a price of $0.25 per unit (the "Units") for gross proceeds of $352,500. 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 29, 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 $28,200, representing 8% of gross proceeds of the second tranche of the Offering; and (ii) was granted 141,000 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 29, 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 29, 2011 at a price of $0.35 per share.
All securities issued and issuable under the second tranche of the Offering are subject to a hold period expiring on September 30, 2009.
The total brokered placement, including the first and second tranches, was comprised of 11,912,000 Units at a price of $0.25 per Unit for gross proceeds of $2,977,500. The Company also completed a non-brokered placement for an additional 930,000 Units at a price of $0.25 per Unit for gross proceeds of $232,500. In aggregate, the brokered and non-brokered placements totaled 12,842,000 Units for gross proceeds of $3,210,000.
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.