Cupric Canyon agrees to acquire Hana Mining

Cupric Canyon Capital will acquire Canada-based Hana Mining's common shares through a definitive agreement under the Business Corporations Act, for C$67m.

The regulations of the agreement will be stated in the Company’s management information circular which will be presented to Hana’s shareholders. Shareholders’ approval is expected in January 2013.

In accordance with the contract, the Hana’s shareholders will receive C$0.82 for each common share with a premium of about 88% to the average price of the Hana shares on the TSX Venture Exchange.

Hana’s equity has been valued at approximately C$82m.

Cupric will acquire 99,493,597 Hana Shares, or 100% of the issued and outstanding Hana shares with the completion of this acquisition.

Cupric currently owns 18.6% of Hana shares.