Hannans Announces Capital Raising to Support Growth Strategy

Hannans Ltd (ASX:HNR) has announced that a capital raising to support its growth strategy.

Eligible Hannans shareholders can purchase up to $15,000 worth of new Hannans shares via a Share Purchase Plan (SPP). The issue price for the SPP shares will be determined at the end of the SPP offer period and be equal to a 20% discount to the volume weighted average share price (VWAP) for the five days prior to the SPP closing (including the day the offer closes). The SPP price and any Shortfall Placement price will be the same.

The SPP is expected to raise approximately $2.5 million and is only available to Hannans shareholders who are registered as holders of Shares at 5pm (WST) on 6 November 2017 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders).

Full terms and conditions of the SPP will be lodged with ASX on 10 November 2017 and then posted or emailed to all eligible shareholders. The SPP is scheduled to close on Monday 27 November 2017 but may close early so shareholders are encouraged to act promptly.

Hannans’ major shareholders including Neometals Ltd have indicated their strong support for the SPP and have undertaken to subscribe for additional shares in any Shortfall Placement.


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