Bunker Hill Mining (BNKR-Cse) Closes $12.9 Million Tranche Of The Cdn$20.4 Million Brokered PP
Aug 14, '20 - NR
Bunker Hill Mining Corp. has closed the first tranche of its previously announced brokered best-effort equity private placement of up to 58,285,714 units of the company at 35 cents per unit for up to $20.4-million in gross proceeds (see the company's news releases of July 27, 2020, Aug. 4, 2020, and Aug. 10, 2020). Each unit consists of one common share of the company and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of 50 cents per common share until Aug. 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, 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 as compensation for their services. Broker warrants are exercisable into units at an exercise price equal to 35 cents until Aug. 31, 2023.
Sam Ash, chief executive officer, stated: "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.
About Bunker Hill Mining Corp.
Bunker Hill Mining has an option to acquire 100-per-cent of all saleable assets at the Bunker Hill mine.
For additional information contact:
Sam Ash, President and Chief Executive Officer
+1 208 786 6999
sa@bunkerhillmining.com |
