Hannan Metals Limited (CVE:HAN) (OTCMKTS:HANNF) has announced a non-brokered private placement to raise gross proceeds of up to C$300,000.

In a statement, the natural resources and exploration company said the financing will see up to 4,615,385 common shares issued at a price of C$0.065 each.

The group added that the net proceeds from the offering will be used for exploration on the company's Peruvian exploration properties and for working capital and general corporate purposes.

It noted that all securities to be issued will be subject to a four-month hold period and pointed out that certain directors and officers will participate in the private placement.

Hannan Metals is a developing sustainable and ethical resources of metal needed to meet the transition to a low carbon economy.

Over the last decade, the team behind the company has forged a long and successful record of discovering, financing and advancing mineral projects in Europe and Peru.