On October 22, 2019, Bunker Hill Mining Corp. (the Company) announced that the Company has signed a further amendment to its Lease with Option to Purchase for the Bunker Hill Mine. The original Lease with Option to Purchase was announced on August 28, 2017 and became effective on November 1, 2017. Under the new amended agreement, the lease period has been extended for an additional period of nine months through August 1, 2020. The Company will continue to make a monthly care and maintenance payment of US$60,000 to the Lessor.
Additionally, the Option to Purchase has been amended providing for a purchase price of US$11,000,000 for 100% of the marketable assets of the Bunker Hill Mine consisting of US$6,200,000 in cash and US$4,800,000 in shares of the Company. The purchase price was established through arms length bargaining. The purchase option may be exercised at any time during the remaining period of the lease. An additional term of the amended lease provides for the elimination of all royalty payments that were to be paid to the mine owner.
Upon signing the amended agreement, the Company paid a one-time, non-refundable cash payment of US$300,000 to the mine owner. This payment will be applied to the purchase price upon execution of the purchase option. In the event the Company elects not to exercise the purchase option the payment shall be treated as an additional care and maintenance payment. The Company is currently considering the funding strategy for the exercise of the Option to Purchase.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Bunker Hill Mining Corp.
/s/ JOHN RYAN
CEO, Principal Executive Officer
Date: October 22, 2019
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