Bunker Hill Announces Election To Issue Shares in Satisfaction of Financing Cooperation Fee
05 Septiembre 2024 - 10:37PM
Bunker Hill Mining Corp
. (“
Bunker
Hill” or the “
Company”) (
TSX-V:
BNKR; OTCQB: BHLL) announces that it has elected to issue
506,775 shares of common stock (the “
Shares”) at a
deemed issue price of C$0.16 per Share to a certain creditor of the
Company (the “
Creditor”) in full satisfaction of
the aggregate US$60,000 financing cooperation fee owing to the
Creditor for the three (3) month period beginning on April 1, 2024
and ending on June 30, 2024 (the “
Q2 Cooperation
Fee”) pursuant to the terms of an agreement re financing
cooperation dated September 27, 2022 (the “
Cooperation
Agreement”) entered into by and among the Company and the
Creditor.
The Cooperation Agreement provides for, among
other things, the Creditor and its affiliates providing certain
collateral security in order for the Company to obtain certain
surety bonds with respect to the Bunker Hill Mine (the
“Collateral Security”). In consideration for the
Collateral Security, the Company is required to pay the Creditor a
financing cooperation fee of US$20,000 per month during the term of
the Cooperation Agreement. The Company has elected to issue the
Shares in lieu of paying cash for the Q2 Cooperation Fee to
preserve its cash for the potential restart and ongoing development
of the Bunker Hill Mine.
The transaction remains subject to the receipt
of all regulatory approvals, including, without limitation, the
approval of the TSX Venture Exchange (the
“TSX-V”). Once issued, the Shares will be subject
to a four month and one day hold period in accordance with
applicable Canadian securities laws. The Shares have not been, and
will not be, registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or
any U.S. state securities laws, and may not be offered or sold in
the United States without registration under the U.S. Securities
Act and all applicable state securities laws or in compliance with
the requirements of an applicable exemption therefrom.
ABOUT BUNKER HILL MINING
CORP.
Under Idaho-based leadership, Bunker Hill
intends to sustainably restart and develop the Bunker Hill Mine as
the first step in consolidating and then optimizing a number of
mining assets into a high-value portfolio of operations, centered
initially in North America. Information about the Company is
available on its website, www.bunkerhillmining.com, or within the
SEDAR+ and EDGAR databases.
On behalf of Bunker Hill Mining
Corp.
Sam Ash President and Chief Executive
Officer
For additional information, please
contact:
Brenda DaytonVice President, Investor
RelationsT: 604.417.7952E: brenda.dayton@bunkerhillmining.com
Cautionary Statements
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this news
release.
Certain statements in this news release are
forward-looking and involve a number of risks and uncertainties.
Such forward-looking statements are within the meaning of that term
in Section 27A of the U.S. Securities Act and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, as well as within
the meaning of the phrase ‘forward-looking information’ in the
Canadian Securities Administrators’ National Instrument 51-102 –
Continuous Disclosure Obligations (collectively,
“forward-looking statements”). Forward-looking
statements are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the
Company’s future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by
such terms as “believes”, “anticipates”, “expects”, “estimates”,
“may”, “could”, “would”, “will”, “plan” or variations of such words
and phrases.
Forward-looking statements in this news release
include, but are not limited to, statements regarding: the
Company’s objectives, goals or future plans, including the restart
and development of the Bunker Hill Mine; the achievement of future
short-term, medium-term and long-term operational strategies; the
completion of the transaction, including the number and deemed
pricing of the Shares; and the Company receiving TSX-V approval for
the transaction. Factors that could cause actual results to differ
materially from such forward-looking statements include, but are
not limited to, those risks and uncertainties identified in public
filings made by Bunker Hill with the U.S. Securities and Exchange
Commission (the “SEC”) and with applicable
Canadian securities regulatory authorities, and the following: the
Company not receiving the approval of the TSX-V for the
transaction; the Company’s inability to raise additional capital
for project activities, including through equity financings,
concentrate offtake financings or otherwise; capital market
conditions; restrictions on labor and its effects on international
travel and supply chains; failure to identify mineral resources;
failure to convert estimated mineral resources to reserves; the
preliminary nature of metallurgical test results; the Company’s
ability to restart and develop the Bunker Hill Mine and the risks
of not basing a production decision on a feasibility study of
mineral reserves demonstrating economic and technical viability,
resulting in increased uncertainty due to multiple technical and
economic risks of failure which are associated with this production
decision including, among others, areas that are analyzed in more
detail in a feasibility study, such as applying economic analysis
to resources and reserves, more detailed metallurgy and a number of
specialized studies in areas such as mining and recovery methods,
market analysis, and environmental and community impacts and, as a
result, there may be an increased uncertainty of achieving any
particular level of recovery of minerals or the cost of such
recovery, including increased risks associated with developing a
commercially mineable deposit, with no guarantee that production
will begin as anticipated or at all or that anticipated production
costs will be achieved; failure to commence production would have a
material adverse impact on the Company's ability to generate
revenue and cash flow to fund operations; failure to achieve the
anticipated production costs would have a material adverse impact
on the Company's cash flow and future profitability; delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals; political risks; changes
in equity markets; uncertainties relating to the availability and
costs of financing needed in the future; the inability of the
Company to budget and manage its liquidity in light of the failure
to obtain additional financing, including the ability of the
Company to complete the payments pursuant to the terms of the
agreement to acquire the Bunker Hill Mine complex; inflation;
changes in exchange rates; fluctuations in commodity prices; delays
in the development of projects; and capital, operating and
reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry. Although the Company believes that the assumptions and
factors used in preparing the forward-looking statements in this
news release are reasonable, undue reliance should not be placed on
such statements or information, which only applies as of the date
of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all, including
as to whether or when the Company will achieve its project finance
initiatives, or as to the actual size or terms of those financing
initiatives. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein.
Readers are cautioned that the foregoing risks
and uncertainties are not exhaustive. Additional information on
these and other risk factors that could affect the Company’s
operations or financial results are included in the Company’s
annual report and may be accessed through the SEDAR+ website
(www.sedarplus.ca) or through EDGAR on the SEC website
(www.sec.gov).
Bunker Hill Mining (TSXV:BNKR)
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