Hanna Announces Private Placement and Completion of Debt Conversion
Hanna Capital Corp. (the "Corporation") is pleased to announce that it intends to raise gross proceeds of up to $500,000 through a non-brokered private placement of up to 10,000,000 units (the "Units") of the Corporation at a price of $0.05 per Unit.
Each Unit shall consist of one common share ("Share") in the capital of the Corporation and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company (each a "Warrant Share") at a price of $0.08 per Warrant Share for a period of 24 months following the date of issuance.
The non-brokered private placement is subject to all necessary regulatory approvals. The securities being issued in the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. The Corporation intends to use the net proceeds for general working capital.
The previous private placement announced on March 25, 2020 has expired.
In addition, the Corporation would like to also announce that further to its press release of June 26, 2020, it has issued an aggregate of 12,079,964 units (the "Debt Units") to the arm's length parties in exchange for the cancellation of an aggregate of $603,998.19 in debt owning to the arm's length parties and 1,160,000 common shares ("Debt Shares") to non-arm's length parties in exchange for the cancellation of $58,000 in debt owing to the parties.
The Debt Units and Debt Shares were issued at a deemed price of $0.05. Each Debt Unit is comprised of one (1) common share and one (1) common share purchase warrant ("Debt Warrant"). Each Debt Warrant entitles the holder thereof to acquire one (1) common share of the Corporation at an exercise price of $0.08 per share till close of business on September 15, 2022.
The common shares issued pursuant to the debt conversion are subject to a statutory four (4) month hold period expiring January 16, 2021.
President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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