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Handa Mining announces the acquisition of the Mejillones Phosphate Project in Chile

Mining News - Published on Thu, 30 Aug 2018

Image Source: globenewswire.com
Handa Mining Corporation announced that the company will be proceeding with the acquisition of the Mejillones Phosphate Project in Chile. Further to the Company's news release dated January 31, 2018, the Company has completed due diligence related to the Project and has made the decision to move forward with the Acquisition. For more details on the terms of the Acquisition and details regarding the Project, please refer to the Company's news release dated January 31, 2018. Completion of the Acquisition is subject to the approval of the TSX Venture Exchange. Additionally, the Company is pleased to announce that it expects to issue, by way of a non-brokered private placement, up to 14,000,000 units (each, an "Offered Unit") at a price of USD 0.05 per Offered Unit for total gross proceeds of up to USD 700,000.00 (the "Offering").

Each Offered Unit shall consist of one common share of the Company and one common share purchase warrant, whereby each warrant, subject to an acceleration provision, shall entitle the holder thereof to acquire one additional common share of the Company for a total period of 24 months, at a price of USD 0.075 per Offered Unit for the first six months following the date of issuance and at a price of USD 0.10 per Offered Unit for the subsequent 18 months.

Handa Mining may accelerate the expiry date of the warrants if the volume weighted average price of the Company's common shares is equal to or above USD 0.25 for a period of 20 consecutive trading days (the "Triggering Event"). In such event, the Company may accelerate the expiry date of the warrants to the date that is 30 days following the date on which it sends notice to all warrant holders of the new expiry date (the "Notice Date"). The Company shall also issue a news release on the Notice Date and provide notice of the early expiration date within 10 calendar days of the Triggering Event.

The net proceeds from the Offering will be used for working capital and general corporate purposes. The Offered Units will be subject to a statutory hold period of four months following the date of issuance. Closing of the Offering is expected to occur within the next two weeks.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange, and such further restrictions as may apply under foreign securities laws.

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Posted By : Rabi Wangkhem on Thu, 30 Aug 2018
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