Bunker Hill Mining Corporation is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced brokered best efforts equity private placement of up to 58,285,714 units of the Company (“Units”) at C$0.35 per Unit for up to C$20,400,000 in gross proceeds (the “Offering”) (see Company’s news releases of July 27, 2020, August 4, 2020 and August 10, 2020). Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to acquire one Common Share at a price of C$0.50 per Common Share until August 31, 2023.
The First Tranche consisted of the sale of 35,212,142 Units for gross proceeds of $12,869,550.
The Offering was led by a syndicate of agents (the “Agents”) and in connection with the closing of the First Tranche, the Agents were paid a cash commission of $772,172.98 in the aggregate and were issued 2,112,729 compensation warrants (“Broker Warrants”) as compensation for their services. Broker Warrants are exercisable into Units at an exercise price equal to C$0.35 until August 31, 2023.
Sam Ash, CEO states: “We are very encouraged by the strong support for our new management team and our silver-focused exploration and development plans for Bunker Hill. We look forward to investing the proceeds of this financing in ways that start to reveal its potential value”.
The Company expects to close subsequent tranches of the Offering upon completion of syndication administration.
The net proceeds from the Offering shall be primarily used for the exploration of the high grade silver potential of the Bunker Hill Mine, lease and other payments required to keep the Company’s option interest in Bunker Hill Mine in good standing, and for general corporate and working capital purposes.
The Units and securities underlying them will be subject to a six month hold period in accordance with applicable securities laws.
This news release does not constitute an offer of securities for sale in the United States or to or for the account or benefit of U.S. persons (as defined under the United States Securities Act or 1933, as amended (the “U.S. Securities Act”)). The securities being offered have not been, nor will they be, registered under the U.S. Securities Act, and such securities may not be offered or sold within the United States or to or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Bunker Hill Mining Corp.
Bunker Hill Mining Corp. has an option to acquire 100% of all saleable assets at the Bunker Hill Mine. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR and EDGAR databases.
For additional information contact:
Sam Ash, President and Chief Executive Officer
+1 208 786 6999
sa@bunkerhillmining.com
Contact Information:
Sam Ash, President and Chief Executive Officer
+1 208 786 6999
sa@bunkerhillmining.com
Tags:
, Wire, Disclosure Newswire, United States, English
Contact Information:
Sam Ash, President and Chief Executive Officer
+1 208 786 6999
sa@bunkerhillmining.com
