Mr. Sam Ash reports
BUNKER ANNOUNCES SECOND INCREASE TO PREVIOUSLY ANNOUNCED BROKERED PRIVATE PLACEMENT TO C$20.4 MILLION
Due to strong demand, Bunker Hill Mining Corp. has further increased the size of its previously announced brokered best-effort equity private placement to approximately $20.4-million. A total of $1.22-million of the units will be issued to settle outstanding indebtedness of the company. The 15-per-cent overallotment option that was previously associated with the offering has been removed from the offering.
The offering led by a syndicate of agents is a best-effort brokered private placement of up to 58,285,714 units of the company at 35 cents per unit. Each unit will consist 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 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 equal to 6 per cent 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 that is equal to 6 per cent of the number of units sold under the offering (including any units sold under the overallotment option) at an exercise price equal to 35 cents. The agents shall receive a 2-per-cent agent fee and 6 per cent broker warrants in respect of specified gross proceeds from the president list.
The first tranche of the offering is expected to close on or about Aug. 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.
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.
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