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Hana Mining Receives Approval from Botswana

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Hana Mining Receives Approval from Botswana

 

 

Hana Mining Ltd. (TSX-V: HMG)(FRANKFURT:4LH)(BOTSWANA:HANA) announce that the Botswana Minister of Minerals, Energy and Water Resources has issued its final approval in respect of the transfer of certain Botswana prospecting licenses pursuant to the plan of arrangement (the “Arrangement”) involving Hana, Cupric Canyon Capital LP (“Cupric”), Cuprous Capital Ltd., a wholly owned subsidiary of Cupric, and Hana’s securityholders.

 
The parties continue to work towards satisfaction and receipt of the outstanding Arrangement conditions. The closing of the Arrangement remains subject to the satisfaction or waiver of such conditions and the final approval of the TSX Venture Exchange. The closing of the Arrangement is expected to occur in February 2013.

 

Under the Arrangement, shareholders of Hana will receive C$0.82 in cash for each common share of Hana, representing a premium of approximately 88% to the 20-day volume weighted average price of the Hana Shares on the TSX Venture Exchange as of October 23, 2012. The total consideration payable to Hana shareholders is approximately C$67 million and the Arrangement values Hana’s equity at approximately C$82 million. Upon closing of the transaction, Cupric intends to advance the Ghanzi project through the design, construction and operational phases of its development.

 

 
Further details regarding the Arrangement are set out in the Company’s notice of special meeting of securityholders and information circular dated November 16, 2012, which is available at www.sedar.com.

 

Posted February 12, 2013

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