Hannan Provides Update on Engagement of Resource Stock Digest

Rhea-AI Summary

Hannan Metals (TSX.V:HAN)(OTC PINK:HANNF) has been requested by the TSX Venture Exchange to terminate its service agreement with Resource Stock Digest (RSD). The Exchange deemed the engagement, which required a US$125,000 upfront payment for a 3-month marketing campaign, as contrary to policy due to its proximity to the company's recent private placement. The Exchange concluded that Hannan was effectively paying for the marketing campaign with shares. Hannan disagrees with this interpretation but respects the decision. No payment has been made to RSD, and Hannan plans to work with the Exchange on future marketing efforts. RSD's owners, Gerardo Del Real and Nick Hodge, are long-term shareholders who recently purchased equity exceeding the contract fee.

Positive

• No financial loss as no payment was made to RSD
• Long-term shareholder support from RSD owners

Negative

• Termination of marketing agreement with Resource Stock Digest
• Potential impact on planned marketing efforts
• Disagreement with TSX Venture Exchange interpretation of policy

VANCOUVER, BC / ACCESSWIRE / August 21, 2024 / Hannan Metals Limited ("Hannan" or the "Company") (TSX.V:HAN)(OTC PINK:HANNF) announces that the TSX Venture Exchange (the "Exchange") has requested the Company terminate the service agreement (the "Agreement") with Resource Stock Digest ("RSD") of Round Rock, Texas, that was previously announced by the Company on July 18, 2024.

In accordance with Policy 3.4 - Investor Relations, Promotional and Market-Making Activities ("Policy 3.4") of the Exchange, and Exchange bulletin dated April 10^th 2024, the Company made a submission to the Exchange on July 19, 2024, seeking the approval of the Agreement. The Exchange, however, has deemed that the engagement of RSD, which required the upfront payment of US$125,000 for a 3-month marketing campaign is close in proximity to the closing of the Company's private placement on June 27, 2024, (the "Private Placement") and determined that the Company was paying for this marketing campaign with shares, which is contrary to Exchange policy. While the Company disagrees with this conclusion, it respects the Exchange's decision. The Company has made no payment to RSD pursuant to the Agreement and looks forward to working with the Exchange in obtaining positive outcomes of future Exchange filings in support of the Company's marketing efforts.

RSD is owned and operated by Gerardo Del Real and Nick Hodge, both of whom have participated in several of the Company's Private Placements and most recently purchased equity significantly in excess of the RSD contract fee. Both are long term shareholders and supporters of the Company.

About Hannan Metals Limited (TSX.V:HAN) (OTCPK: HANNF)

Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Latin America. Hannan is a top ten in-country explorer by area in Peru and has recently optioned a copper-porphyry project in Northern Chile.

On behalf of the Board, "Michael Hudson" Michael Hudson, Chairman & CEO

Further Information www.hannanmetals.com 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7 Mariana Bermudez, Corporate Secretary, +1 (604) 685 9316, info@hannanmetals.com

Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; the Company's expectations regarding its mineral projects; market conditions, the preliminary nature of the Company's operations; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and, community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news.

SOURCE: Hannan Metals Ltd.

View the original press release on accesswire.com

FAQ

Why did the TSX Venture Exchange request Hannan Metals to terminate its agreement with Resource Stock Digest?

The Exchange deemed the US$125,000 upfront payment for a 3-month marketing campaign as contrary to policy, believing it was too close to Hannan's recent private placement and effectively paid with shares.

Has Hannan Metals (HANNF) made any payments to Resource Stock Digest under the terminated agreement?

No, Hannan Metals has not made any payments to Resource Stock Digest under the terminated agreement.

What is Hannan Metals' (HANNF) response to the TSX Venture Exchange's decision?

While Hannan Metals disagrees with the Exchange's conclusion, the company respects the decision and plans to work with the Exchange on future marketing efforts.

Who are the owners of Resource Stock Digest and what is their relationship with Hannan Metals (HANNF)?

Resource Stock Digest is owned by Gerardo Del Real and Nick Hodge, who are long-term shareholders of Hannan Metals and have recently purchased equity significantly exceeding the contract fee.