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Hana Mining Ltd.: Hana Mining Appoints Union Securities Ltd. as Agent for Brokered Private Placement for Proceeds of $4MM

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^{Published in Business and Finance on Wednesday, April 1st 2009 at 10:09 GMT, Last Modified on 2009-04-01 10:10:16 by Market Wire}  

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG) (FRANKFURT:4LH) (the "Company") is pleased to announce the appointment of Union Securities Ltd. ("Union") to act as its agent, on a commercially reasonable basis, to offer, by way of a brokered private placement, up to 16,000,000 units (the "Units") at a price of $0.25 per Unit (on a post consolidation basis) for gross proceeds of up to $4,000,000 (the "Offering"). Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant referred to as a "Warrant"). Each Warrant will entitle the holder to acquire, upon exercise, one common share at a price of $0.35 per share for a period of 24 months from the date of closing of the Offering. The Company has further agreed to grant Union an over-allotment option (the "Over-Allotment Option") to purchase up to an additional 4,000,000 Units, such Over-Allotment Option to be exercised within 5 business days of the closing of the Offering.

In consideration for its services as agent, Union will be paid a commission equal to 8% of the gross proceeds from the Offering and the Over-Allotment Option, payable in cash. In addition, Union will receive non-transferable agent's compensation options to acquire that number of Units equal to 10% of the number of Units sold and purchased under the Offering and Over-Allotment Option. The agent's compensation options will be exercisable for a period of 24 months from the date of closing at a price of $0.25 per Unit. The Company has paid Union a work fee and has agreed to pay certain expenses reasonably incurred by Union in connection with the financing.

The brokered placement is subject to acceptance by the TSX Venture Exchange and completion of the Company's previously announced share consolidation.

The net proceeds of the brokered placement will be used to fund ongoing exploration of its highly prospective Ghanzi Copper-Silver Project located in the Republic of Botswana.

The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the Company in the United States.

About Hana Mining

Hana Mining is a junior exploration company seeking to acquire, explore and develop highly prospective precious, base metal and other mineral projects worldwide with emphasis in southern Africa. The Company has the right to acquire a 70% controlling interest in the Ghanzi Copper-Silver Project. The property consists of five license blocks covering 2,200 square kilometers that contain widespread sediment-hosted copper-silver mineralization.

Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.