Raising Big MOOOLA!! Bunker Hill Mining (BNKR-Cse) Upsize 2.0 Previously Announced Brokered PP to Cdn$20.4 Million
Aug 10, '20 - NR
Bunker Hill Mining is pleased to announce that, due to strong demand, the Company has further increased the size of its previously announced brokered best efforts equity private placement to approximately C$20,400,000. A total of C$1,220,000 of the units will be issued to settle outstanding indebtedness of the Company. The 15% over-allotment option that was previously associated with the offering has been removed from the offering.
The offering led by a syndicate of agents (the “Agents”) is a best efforts brokered private placement of up to 58,285,714 units of the Company (“Units”) at C$0.35 per Unit (the “Offering”). Each Unit will consist 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 for a period of three years.
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 Agents will be paid a cash commission (the “Agents’ Fee”) equal to 6.0% of the gross proceeds from the Offering. In addition, the Agents will be issued warrants of the Company exercisable for a period of 36 months following the closing of the Offering to acquire in aggregate that number of Units which is equal to 6% of the number of Units sold under the Offering (including any Units sold under the over-allotment option) at an exercise price equal to C$0.35 (the “Broker Warrants”). The Agents shall receive a 2% Agents’ Fee and 6% Broker Warrants in respect of specified gross proceeds from the President’s List.
The first tranche of the Offering is expected to close on or about August 14, 2020 and will be subject to receipt of all necessary regulatory approvals. 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 |
