Bunker Hill Secures Equity Investments of Approximately C$7.3 Million, Including Closing of Private Placement and Warrant Exercise Proceeds

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TORONTO, March 28, 2023 (GLOBE NEWSWIRE) --  Bunker Hill Mining Corp. (the “Company”) (CSE: BNKR; OTCQB: BHLL) is pleased to announce that the Company has closed its private placement of special warrants of the Company (the “Special Warrants”), previously announced on February 15, 2023, by issuing 51,633,727 Special Warrants at a price of C$0.12 per Special Warrant (the “Issue Price”), for aggregate gross proceeds of C$6,196,047.26 (the “Offering”). In addition, 10,416,667 common stock purchase warrants of the Company were exercised at a price of C$0.11 per warrant for aggregate gross proceeds of C$1,145,834.

The Offering

The Offering was conducted by Echelon Wealth Partners Inc. and Roth Capital Partners, LLC, as co-lead agents and joint bookrunners (collectively, the “Lead Agents”), and Laurentian Bank Securities Inc. (together with the Lead Agents, the “Agents”), on a commercially reasonable “best efforts” private placement basis.

In connection with the Offering, each Special Warrant is automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into one unit of the Company (a “Unit”) on the earlier date of: (i) the third business day following the date upon which the Company has obtained notification that the registration statement (the “Registration Statement”) ‎of the Company to be filed with the United States Securities and Exchange Commission (the "SEC") registering the resale of the Underlying Shares (as defined below) issuable upon exercise of the Special Warrants and the securities issuable thereunder, has been declared effective by the SEC; and (ii) September 27, 2023 (collectively, the “Automatic Exercise Date”), subject to compliance with United States securities laws.

Each Unit consists of one share of common stock of the Company (each, a “Unit Share”) and one common stock purchase warrant of the Company (each, a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one share of common stock of the Company (a “Warrant Share”, and together with the Unit Shares, the “Underlying Shares”) at an exercise price of $0.15 per Warrant Share until March 27, 2026, subject to adjustment in certain events. In the event that the Registration Statement has not been declared effective by the SEC on or before 5:00 p.m. (EST) on July 27, 2023, each unexercised Special Warrant will be deemed to exercised on the Automatic Exercise Date into one penalty unit of the Company (each, a “Penalty Unit”), with each Penalty Unit being comprised of 1.2 Unit Shares and 1.2 Warrants.