VANCOUVER, British Columbia, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. ("Bunker Hill" or the "Company") (TSXV:BNKR, OTCQB:BHLL) announces that it has elected to issue 506,775 shares of common stock (the "Shares") at a deemed issue price of C$0.16 per Share to a certain creditor of the Company (the "Creditor") in full satisfaction of the aggregate US$60,000 financing cooperation fee owing to the Creditor for the three (3) month period beginning on April 1, 2024 and ending on June 30, 2024 (the "Q2 Cooperation Fee") pursuant to the terms of an agreement re financing cooperation dated September 27, 2022 (the "Cooperation Agreement") entered into by and among the Company and the Creditor.
The Cooperation Agreement provides for, among other things, the Creditor and its affiliates providing certain collateral security in order for the Company to obtain certain surety bonds with respect to the Bunker Hill Mine (the "Collateral Security"). In consideration for the Collateral Security, the Company is required to pay the Creditor a financing cooperation fee of US$20,000 per month during the term of the Cooperation Agreement. The Company has elected to issue the Shares in lieu of paying cash for the Q2 Cooperation Fee to preserve its cash for the potential restart and ongoing development of the Bunker Hill Mine.
The transaction remains subject to the receipt of all regulatory approvals, including, without limitation, the approval of the TSX Venture Exchange (the "TSX-V"). Once issued, the Shares will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws. The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or in compliance with the requirements of an applicable exemption therefrom.
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. Information about the Company is available on its website,
