Hana Mining Ltd. announces that it has amended the terms of the private placement announced September 11, 2008.
The non-brokered private placement will now consist of up to 10,000,000 units (the “Units”) at a price of $0.15 per Unit. Each Unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of the Company for a period of 18 months from the closing date of the placement (the “Closing Date”), at a price of $0.30 per share.
As previously announced, the Company has agreed to pay a finder’s fee of 5% in connection with a portion of the private placement and the finder may elect to take all or a portion of the fee in Units.
The private placement is subject to acceptance by the TSX Venture Exchange.
The net proceeds of the private placement will be used to fund ongoing exploration of its highly prospective Ghanzi Copper-Silver Project located in the Republic of Botswana including increasing the number of drilling rigs on the property and to develop the property’s mineralization into proven, indicated and inferred resource categories.
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 4,370 square kilometers that contain widespread sediment-hosted copper mineralization.