On June 27, 2024, Hannan Metals Ltd. closed the transaction. The company has issued an aggregate of 10,593,513 units at a price of CAD 0.35 per unit for gross proceeds of CAD 3,707,729.55. Each warrant entitles the holder to purchase one additional share of the company at an exercise price of CAD 0.50 for a period of two years expiring on June 27, 2026.

Teck Resources Limited exercised its right to maintain its 9.84% partially diluted ownership interest in the company and subscribed for 714,286 units for gross proceeds to Hannan of CAD 250,000. No finder's fees or commissions are payable on the Offering. Directors of the company participated in the Offering and purchased an aggregate of 258,571 Units.

All securities issued in connection with the Offering are subject to a statutory four-month hold period, expiring on October 28, 2024. The Offering is subject to final approval of the TSX Venture Exchange. The Private Placement was unanimously approved by the board of directors of the company, with interested directors having declared their interest and abstaining from voting on their respective interest therein.