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Bunker Hill Announces Closing and Upsizing of Convertible Debenture Financing to $6 Million

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Bunker Hill Announces Closing and Upsizing of Convertible Debenture Financing to $6 Million






Bunker Hill Mining Corp. (CSE: BNKR) (OTCQB: BHLL) is pleased to announce the closing of the previously announced Convertible Debenture with Sprott Private Resource Streaming & Royalty Corp for total gross proceeds of $6 million, an increase of $1 million from the previously envisaged $5 million. All figures are in US dollars unless otherwise stated.


Sam Ash, CEO, stated “We are pleased to announce the closing and upsizing of the second tranche of our project finance package with Sprott to $6 million. This funds near-term working capital requirements, mine development, and the advancement of our Prefeasibility Study, including engineering studies for the demobilization and construction of the Pend Oreille process plant at Bunker Hill. We look forward to updating investors on the continued execution of our restart plans over the coming weeks.”


Following the satisfaction of all closing conditions, including completion of definitive documentation and a full security package, the transaction closed on January 28, 2022. The parties agreed to increase the funding by $1 million, reflecting increased demand from Sprott and other investors. The terms of the Convertible Debenture are unchanged from the Company’s news release of December 20, 2021, including an annual interest rate of 7.5% payable in cash or shares at the Company’s option, and a maturity of July 7, 2023. Until the closing of the Stream of up to $37 million, the final tranche in the project finance package, the Convertible Debenture is convertible into shares of the Company at a share price of CAD 0.30 per share. At the time that the Stream is advanced, the investors may elect to retire the Convertible Debenture in shares or with the cash proceeds of the Stream.




Under new Idaho-based leadership the Bunker Hill Mining Corp, intends to sustainably restart and develop the Bunker Hill Mine as the first step in consolidating a portfolio of North American mining assets with a focus on silver.


Posted January 31, 2022

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