Bunker Hill Mining Corp. (“
Bunker Hill” or the
“
Company”) (
TSX-V:BNKR |
OTCQB:BHLL) announces that it has closed the
second tranche of the previously announced silver loan with
Monetary Metals Bond III LLC (“
MM”), an entity
established by Monetary Metals & Co., in the principal amount
of US$6,369,000, being the amount of US dollars equal to, as of
September 24, 2024, 200,000 ounces of silver (the “
Second
Tranche”).
As described in the news releases dated June 7,
2024, and August 8, 2024, MM has agreed to loan the Company a
principal amount of US dollars equal to up to 1.2 million ounces of
silver, to be advanced in one or more tranches, in support of the
re-start and ongoing development of the Bunker Hill Mine (the
“Silver Loan”). On August 8, 2024, the Company
closed on the first tranche of the Silver Loan in the principal
amount of US$16,422,039, being the number of US dollars equal to,
as of August 8, 2024, 609,805 ounces of silver (the “First
Tranche”). In connection with the First Tranche, the
Company also issued 1,280,591 non-transferable bonus share purchase
warrants (“Warrants”) to MM as consideration for
the First Tranche.
In connection with closing of this Second
Tranche, the Company will, subject to prior approval of the TSX
Venture Exchange (the “TSX-V”), issue a total of
400,000 Warrants to MM (the “Tranche 2 Warrants”).
Each Tranche 2 Warrant will entitle the holder to acquire one share
of common stock of the Company (each, a “Warrant
Share”) at an exercise price of C$0.16, being the last
closing price of the Company’s common stock prior to the date
hereof. The Tranche 2 Warrants will be exercisable until August 8,
2027, subject to acceleration in accordance with the policies of
the TSX-V and will be subject to a hold period of four months and
one day from the issuance of the Tranche 2 Warrants in accordance
with applicable securities laws. The issuance of Warrant Shares is
subject to the terms and conditions of the Warrants as well as the
receipt of all regulatory approvals, including, without limitation,
the approval of the TSX-V.
The securities referenced herein, or any
securities underlying or derived from the financial instruments
referenced herein, including but not limited to the Warrants, the
Warrant Shares, and the Silver Loan, have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
“Securities Act”). This news release does not
constitute an offer to sell or the solicitation of an offer to buy
such securities, nor shall there be any sale of such securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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 several 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 AshPresident 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 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
Silver Loan; the Company receiving TSX-V approval for the issuance
of the Warrants and the Warrant Shares; and the timing and
advancement of additional tranches of the Silver Loan and
additional Warrants. 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 issuance of the Warrants and the Warrant Shares; the Company’s
inability to raise additional capital for project activities,
including through equity financings, concentrate offtake financings
or otherwise; the fluctuating price of commodities; 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).
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