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Hannans Reward to raise up to A$1.6M via placement, share purchase plan

Hannans RewardLtd. is looking to raise up to about A$1.6 million through a share purchaseplan, or SPP, and placing agreements with sophisticated investors, the company saidApril 11.

The share purchase plan aims to fetch about A$1.3 million forthe company, offering eligible shareholders the opportunity to subscribe for commonHannans shares at a 20% discount to the shares' volume weighted average price inthe five days prior to the SPP's closing.

A maximum of 235,339,840 common shares can be issued under theSPP, which is currently underwritten to the tune of A$1.1 million.

Meanwhile, the miner signed agreements with sophisticated investorsfor the placement of A$333,300-worth of shares at 0.4 cent apiece — the same termsas the previously announcedstrategic placement to Neometals Ltd.

None of the sophisticated investors are related parties of Hannansand the placement remains subject to shareholder approval, to be sought during aMay 19 meeting.

Hannans further said it signed a five-year preferred contractoragreement with Australian Contract Mining Pty. Ltd., under which the contractorwill provide mining services on terms that Hannans considers competitive with referenceto prevailing market conditions at the time.