TORONTO, July 19, 2022 (GLOBE NEWSWIRE) -- Hanna Capital Corp. (the “Corporation”) is pleased to announce that it has entered into a letter of intent dated May 17, 2022 (the “LOI”) with Spectrolite Investments (Pty) Ltd. (“Spectrolite”), an arm’s-length private Namibian company operating from the capital Windhoek. Pursuant to the LOI, the Corporation has the option to acquire up to 60% of the issued and outstanding securities in the capital of Spectrolite (the “Spectrolite Shares”).
The right of the Corporation to acquire the Spectrolite Shares is conditional, among other things, on:
the Corporation and Spectrolite entering into a loan agreement pursuant to which the Corporation will provide Spectrolite a loan in the aggregate amount of up to US$2,000,000.00 (the “Loan”). The proceeds of the Loan shall be used exclusively to fund the mining activities on Spectrolite’s Exclusive Prospecting Licenses (the “Targeted Properties”);
the execution of a royalty agreement whereby the Corporation will be paid a 5% royalty until such time that the Loan is repaid in full; and
the completion of the Corporation’s due diligence on Spectrolite’s various projects and properties.
Upon the completion of its due diligence, the Corporation will prepare a geological report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects with respect to the Targeted Properties.
The Corporation has teamed up with local Namibian technical persons to be able to comply with the various legal and regulatory requirements associated with the acquisition of the Spectrolite Shares. The Corporation’s due diligence is currently underway to test the legal and technical aspects of the Targeted Properties.
The Corporation has investigated the prospects of acquiring certain mineral rights in Namibia. The intention of the Corporation is to test the economic viability of the Targeted Properties. Namibia has historically been a friendly mining destination with a well-developed government-controlled exploration and mining department.
The Targeted Properties are located within the NW of Namibia. The Nosib stratigraphic horizon is being targeted for potential copper mineralisation. The type of mineralisation is primarily controlled by sedimentological bedded units; however it is common to have the structurally controlled mineralisation as well as supergene enrichment. Typically it is common to have polymetallic carbonate hosted mineralisation within the Tsumeb Group and structural or sedimentological controlled mineralisation within the Nosib Group.
Chief Executive Officer
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Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Hanna is subject to significant risks and uncertainties 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 forward looking statements contained in this release. Hanna cannot assure investors that actual results will be consistent with these forward-looking statements and Hanna assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.