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Bunker Hill Mining Announces $15 Million Convertible Debt Financing
TORONTO, June 20, 2022 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. (the “Company”) (CSE: BNKR; OTCQB: BHLL) is pleased to announce the execution and closing of
About this update from Bunker Hill Mining Corp
[{"type":"text","content":" TORONTO, June 20, 2022 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. (the “Company”) (CSE: BNKR; OTCQB: BHLL) is pleased to announce the execution and closing of a new $15 million convertible debenture financing (the “Series 2 Convertible Debentures”) with Sprott Private Resources Streaming & Royalty Corp. (“SRSR” or “Sprott”). All figures in this news release are in US dollars unless otherwise stated. Sam Ash, CEO, stated “We are very pleased to announce this new $15 million financing, representing an increase in our project finance package with Sprott to $66 million. Together with our recent equity raise, this materially improves our working capital position, enables us to meet our financial assurance obligations with the EPA, and funds several key workstreams over the coming months including completion of the underground decline, demobilization of the Pend Oreille mill, and further engineering optimization in preparation for the mine restart.” Investors are invited to register for the live interactive 6ix Summit at: [LINK] CONVERTIBLE DEBENTURE FINANCING The Series 2 Convertible Debentures bear interest at an annual rate of 10.5%, payable in cash or shares at the Company’s option, and mature on March 31, 2025. Repayments of $2 million shall be made at the end of each calendar quarter, starting on 30 June 2024, with the remaining $9 million due on March 31, 2025. The Series 2 Convertible Debentures are convertible into shares of the Company at a share price of CAD 0.29 per share until the maturity date. The Company may elect to re-pay the Convertible Debenture early; if SRSR elects not to exercise its conversion option at such time, a minimum of 12 months of interest would apply. The Series 2 Convertible Debentures will be secured by the same security package that has been put in place to secure the $8 million Royalty Convertible Debenture and the aggregate $6 million Convertible Debentures (the “Series 1 Convertible Debentures”) that closed in January 2022. The parties have also agreed to a number of changes to the previously announced project finance package of up to $51 million (of which $14 million has been advanced to date), consisting of the Royalty Convertible Debenture, Series 1 Convertible Debentures, and the Stream. Firstly, the maturity dates of the Royalty Convertible De...