On May 9, 2023, Hannan Metals Ltd. closed the transaction. The company issued 7,044,460 units at an issue price of CAD 0.25 per unit for the gross proceeds of CAD 1,761,115. The transaction included participation from 24 placees, total existing insider involvement 180,000 (four insiders), returning investor Teck Resources Limited for 1,120,000 units for gross proceeds of CAD 280,000 and certain directors and insider investors for 180,000 units.

Teck will hold 9.9% of the issued common shares and warrants on a partially diluted basis. The transaction was oversubscribed. Each Warrant entitles the holder to purchase one additional share of the company at an exercise price of CAD 0.35 for a period of three years expiring on May 9, 2026.

All securities issued in connection with the offering are subject to a statutory four-month hold period, expiring on September 10, 2023. The company paid a cash commission of CAD 2,250 to a finder. The transaction is subject to final approval of the exchange.

The transaction was unanimously approved by the board of directors of the company. The company received CAD 928,242 from 7 investors pursuant to Regulation D in the transaction