- Bunker Hill Mining Corp. (BNKR) secures equity investments of $14.9 million, including a pending $3.1 million issuance to Teck Resources Limited (TECK.A)
- The issuance of 10.4 million units to a subsidiary of Teck is still pending
- On a combined basis the company expects to issue a total value of $14.9 million in its own securities
- Bunk Hill intends to use the net proceeds to fund its Bunker Hill Mine, for an outstanding payment due to a U.S. agency and for general corporate purposes
- Bunker Hill Mining Corp. (BNKR) is up 3.51 per cent trading at $0.29 per share as of 1:28 p.m. ET
- Teck Resources Limited (TECK.A) is up 2.94 per cent trading at $56.00 per share as of 2:20 p.m. ET
The investments include private placements for gross proceeds of $11.8 million and a pending $3.1 million issuance to Teck Resources Limited (TECK.A).
The agreements are made up of a private placement of 37.8 million special warrants and a simultaneous non-brokered private placement of 1.4 million units of Bunker Hill. These agreements are unrelated to the separately announced issuance of 10.4 million units to a subsidiary of Teck priced at $0.30.
On a combined basis, assuming the closing of the Teck issuance, the company expects to issue a total value of $14.9 million in its own securities.
Bunker Hill issued 37.8 million special warrants at a price of $0.30 per special warrant.
Each special warrant will be automatically exercisable into one unit of Bunk Hill.
Each brokered unit consists of one common share and one warrant.
Each whole warrant will entitle the holder to acquire one common share for $0.37 until April 1st, 2025.
In addition, Bunk Hill issued 1.4 million non-brokered units at a price of $0.30 per unit.
Each non-brokered unit consists of one common share and one warrant. Each whole warrant entitles the holder to acquire one warrant share for $0.37 until April 1st, 2025.
The agents, and other eligible parties involved, received a cash commission of $563,968 and compensation options. The options are exercisable to acquire a total of 1.8 million units of the company for the same offering price for two years after the closing.
Each compensation unit consists of one common share and one warrant. Each warrant entitles the holder to acquire one warrant share at a price of $0.37 per warrant share until April 1st, 2024.
Bunk Hill intends to use the net proceeds to fund the restart and development at its Bunker Hill Mine, for the outstanding payment due to the US Environmental Protection Agency, and for general corporate purposes.
The Teck issuance remains subject to regulatory and stock exchange approvals. There is no guarantee that the Teck issuance will close.
Bunker Hill Mining Corp. (BNKR) is up 3.51 per cent trading at $0.29 per share as of 1:28 p.m. ET.
Teck Resources Limited (TECK.A) is up 2.94 per cent trading at $56.00 per share as of 2:20 p.m. ET.