Hannan Metals Limited (CVE:HAN) (OTCMKTS:HANNF) announced Wednesday that it had closed a new financing to help advance exploration at the company’s mineral properties in Peru.
The Vancouver-based company recently secured its first mining concession at the San Martin copper-silver project in the South American country.
The 1,000-hectare concession, titled Tabalosos 1002, grants Hannan the exclusive right to begin exploration in the area.
The San Martin project is located in its namesake region in northern Peru. In addition to Tabalosos 1002, the company has already submitted 50 mineral concession applications in the region covering 76 kilometres of a combined strike of a prospective sedimentary host horizon within a 110 kilometre long basin. Added up, the claims total 38,600 hectares.
The financing saw Hannan issuing nearly 4.8 million shares priced at C$0.065 per share for total proceeds of C$309,000.
All shares issued as part of the financing are subject to a four month and one day hold period, set to expire on March 28, 2020.
The exploration company also has assets in Europe.
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