On January 8, 2017, Hannan Metals Ltd., formerly Mitchell Resources Ltd., (the “Company”) announced that it had completed the acquisition (the “Acquisition”) of all of the outstanding shares of Hannan Metals BC Ltd. (“Hannan Canada”), a private British Columbia company. Pursuant to the Acquisition, the Company has acquired a 100% interest in Hannan Canada’s rights, through its wholly-owned subsidiary Hannan Metals Ireland Ltd. (“Hannan Ireland”), to the Clare zinc-silver-lead-copper prospecting licences in County Clare, Ireland.
Concurrently, the Company announced it had closed its private placement financing of common shares, previously announced in November, 2016. The Company issued 10,486,000 common shares at a price of C$0.075 per share for gross proceeds of C$786,450.
The Company’s common shares commenced trading on Tier 2 of the TSX Venture Exchange under its new name “Hannan Metals Ltd.” and new trading symbol “HAN” on January 10, 2017.
The Company has 100% ownership of the County Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting licences for 35,444 hectares. Over the last decade the team behind Hannan has forged a long and successful record of financing and discovering mineral projects in Europe. Additionally, the team holds extensive zinc experience, gained from the world’s largest integrated zinc producer of the time Pasminco Ltd.
Further details regarding the acquisition and equity financing can be found on Hannan Metals’ website.