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Bunker Hill Signs Financing Term Sheet for Up to 1.2 Million Ounces Silver Loan Facility

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Bunker Hill Signs Financing Term Sheet for Up to 1.2 Million Ounces Silver Loan Facility

 

 

 

 

 

Bunker Hill Mining Corp. (TSX-V: BNKR) (OTCQB: BHILL) announces that it has signed a non-binding term sheet with Monetary Metals & Co. to provide financing in the form of a silver loan of up to 1.2 million ounces of silver in support of the re-start and ongoing development of the Bunker Hill Mine. The Loan will be for a term of three years, secured against the Company’s assets and repayable in silver ounces. The Loan will bear interest at the rate of 15% per annum, payable in silver ounces on the last day of each quarterly interest period. This financing is subject to TSX Venture Exchange (acceptance, settlement of definitive documentation with MM and certain other conditions, including satisfactory due diligence, and applicable regulatory or other consents, including the consent of Sprott Private Resource Streaming and Royalty Corp. There is no guarantee the financing will close on the terms disclosed or at all. Subject to MM successfully marketing the transaction to its investors, the proceeds will be used to replace all or a portion of the existing, undrawn Sprott facility at a lower cost of capital.

 

As consideration for advancing the loan, the Company will issue to MM, subject to prior TSX-V approval, such number of bonus share purchase warrants that is equal to 2.5% of the product of: (1) the fully diluted number of shares on the funding date, multiplied by (2) the dollar amount of the Loan, divided by (3) the sum of the market capitalization based on the five-day volume-weighted average price of the common stock of the Company on the TSX-V, the dollar amount of the existing financing structure with Sprott Streaming and the dollar amount of the Loan.

 

Each Warrant will entitle the holder to acquire one share of common stock of the Company at an exercise price that is set at the Market Price, subject to TSX-V approval. The issuance of the 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 Loan, have not been and will not be registered under the U.S. Securities Act of 1933, as amended. 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 a number of mining assets into a high-value portfolio of operations, centered initially in North America.

 

Posted June 9, 2024

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