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Bunker Hill Announces Election to Issue Shares in Satisfaction of Debenture Interest Payment Obligations

TORONTO, June 24, 2024 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. ("Bunker Hill" or the "Company") (TSXV|BNKR; OTCQB|BHLL) announces that it has elected to issue an aggregate of 4,653,409 shares of common stock of the Company (the "Interest Shares") to certain holders of 7.5% convertible debentures (the "Series 1 Convertible Debentures") and 10.5% convertible debentures (the "Series 2 Convertible Debentures" and, together with the Series 1 Convertible Debentures, the "Convertible Debentures") in full satisfaction of the interest payable thereunder as of June 30, 2024 in the aggregate amount of USD$511,875.00 (the "Interest Payment"). The Convertible Debentures mature on March 31, 2026. In accordance with the terms of the Convertible Debentures, the Company will issue the Interest Shares at a price of USD$0.11 per Interest Share based on 90% of the 10-day volume weighted average trading price of the shares of common stock of the Company on the TSX Venture Exchange (the "TSX-V") on the trading days beginning on June 10, 2024 and ending on June 21, 2024 (the "Pricing Period"). In connection with the Interest Payment, the Company will issue an aggregate of 4,481,061 Interest Shares to certain managed accounts of Sprott Private Resource Streaming and Royalty Corp. ("Sprott") and, accordingly, the issuance of such Interest Shares to Sprott will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholder Approval ("MI 61-101"). The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of the Interest Shares to be issued to Sprott, nor the consideration received for such Interest Shares, will exceed 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days prior to the election to issue the Interest Shares as the Pricing Period only ended yesterday on June 21, 2024. The issuance of the Interest Shares is subject to the terms and conditions of the Convertible Debentures as well as the receipt of all regulatory approvals, including, without limitation, the approval of the TSX-V. Once issued, the Interest Shares will be subject to a four-month and one-day hold period in accordance with applicable Canadian securities laws. Additional details regarding the Convertible Debentures can be found in the Company's news releases dated December 20, 2021, January 31, 2022, June 20, 2022 and June 26, 2023, all of which are available under the Company's profile on SEDAR+ at ABOUT BUNKER HILL ...