Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Nov. 19, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | Bunker Hill Mining Corp. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Trading Symbol | bhll | |
Amendment Flag | false | |
Entity Central Index Key | 1,407,583 | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 34,617,791 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Incorporation, Date of Incorporation | Feb. 20, 2007 | |
Entity Information, Date to Change Former Legal or Registered Name | Sep. 29, 2017 | |
Entity Address, Address Line One | 1802 N. Carson Street, Suite 212 | |
Entity Address, City or Town | Carson City | |
Entity Address, Postal Zip Code | 89,701 | |
Entity Information, Former Legal or Registered Name | Liberty Silver Corp | |
Entity Address, State or Province | Nevada | |
City Area Code | 888 | |
Local Phone Number | 749-4916 |
Bunker Hill Mining Corp. (Forme
Bunker Hill Mining Corp. (Formerly Liberty Silver Corp.) Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 57,492 | $ 502,660 | |
Accounts receivable | 127,310 | 229,046 | |
Deposit | 21,312 | 90,248 | |
Prepaid expenses | 326,794 | 588,630 | |
Total current assets | 532,908 | 1,410,584 | |
Property and equipment | |||
Long term deposit | 92,273 | 97,252 | |
Equipment | 163,730 | 97,252 | |
Mining interests | [1] | 1 | 1 |
Total property and equipment | 256,004 | 97,253 | |
Total assets | 788,912 | 1,507,837 | |
Current liabilities | |||
Accounts payable | 237,781 | 225,184 | |
Accrued liabilities | 339,532 | 504,186 | |
Other liability | 52,048 | 57,417 | |
Interest payable | 48,219 | 3,288 | |
Convertible loan payable | 486,031 | 70,820 | |
Derivative liability - conversion feature | 7,141 | 180,353 | |
Total current liabilities | 1,170,752 | 1,041,248 | |
Long term liabilities | |||
Derivative warrant liability | 259,622 | 682,903 | |
Total liabilities | 1,430,374 | 1,724,151 | |
SHAREHOLDERS' EQUITY (DEFICIENCY) | |||
Preferred shares, $0.001 par value, 10,000,000 preferred shares authorized; Nil preferred shares issued and outstanding | [2],[3] | 0 | 0 |
Common shares, $0.001 par value, 300,000,000 common shares authorized; 34,617,791 and 33,013,715 common shares issued and outstanding, respectively | 34,233 | 33,013 | |
Additional paid-in-capital | [2],[3] | 23,574,371 | 23,364,249 |
Deficit accumulated during the exploration stage | (24,250,066) | (23,613,576) | |
Total shareholders' equity (deficiency) | (641,462) | (216,314) | |
Total liabilities and shareholders' equity | [4],[5] | $ 788,912 | $ 1,507,837 |
[1] | Note 3 | ||
[2] | Note 4 | ||
[3] | Note 5 | ||
[4] | Basis of presentation and going concern (note 1) Commitments and contingencies (note 5) Subsequent events (note 7) | ||
[5] | Basis of presentation and going concern (note 1) Commitments and contingencies (note 6) Subsequent events (note 8) |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
Statement of financial position | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares Issued | 34,617,791 | 33,013,715 |
Common Stock, Shares Outstanding | 34,617,791 | 33,013,715 |
Bunker Hill Mining Corp. (for_2
Bunker Hill Mining Corp. (formerly Liberty Silver Corp.) Interim Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Operating expenses | |||
Operation and administration | [1] | $ 658,259 | $ 209,956 |
Property and exploration | 810,265 | 6,216 | |
Legal and accounting | 69,158 | 72,075 | |
Consulting | 73,651 | 120,032 | |
Total operating expenses | 1,611,333 | 408,279 | |
Loss from operations | (1,611,333) | (408,279) | |
Other income or gain (expense or loss) | |||
Change in derivative liability | 1,119,937 | ||
Accretion expense | (108,654) | ||
Gain on foreign exchange | 8,492 | 5,993 | |
Interest expense | (44,932) | ||
Total other income or gain (expense or loss) | 974,843 | 5,993 | |
Loss before income tax | (636,490) | (402,286) | |
Net loss and comprehensive loss | $ (636,490) | $ (402,286) | |
Loss per common share - basic and fully diluted | $ (0.02) | $ (0.02) | |
Weighted average common shares - basic and fully diluted | 33,617,791 | 24,889,395 | |
[1] | Note 6 |
Bunker Hill Mining Corp. (for_3
Bunker Hill Mining Corp. (formerly Liberty Silver Corp.) Interim Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows from operating activities | |||
Net loss and comprehensive loss | $ (636,490) | $ (402,286) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock based compensation | [1] | 43,893 | |
Depreciation expense | 4,979 | 309 | |
Change in fair value of warrant liability | (1,119,937) | ||
Accretion expense | 108,654 | ||
Changes in operating assets and liabilities: | |||
Decrease in accounts receivable | 101,736 | (2,957) | |
(Increase) in deposit | (3,038) | ||
(Increase) decrease in other assets | (17,882) | ||
Decrease in prepaid expenses | 167,042 | 91,965 | |
Increase (decrease) in accounts payable | 12,597 | (71,816) | |
(Decrease) increase in accrued liabilities | (164,654) | 32,180 | |
Increase in other liabilities | (5,369) | 6,920 | |
Increase in interest payable | (44,931) | ||
Net cash used in operating activities | (1,442,618) | (366,605) | |
Cash flows from investing activities | |||
Acquisition of mining interests | (200,000) | ||
Net cash used in investing activities | (200,000) | ||
Cash flows from financing activities | |||
Proceeds from convertible loan payable | 474,250 | ||
Proceeds from issuance of common stock, net | 523,200 | ||
Net cash from financing activities | 997,450 | ||
Decrease in cash and cash equivalents | (445,168) | (566,605) | |
Cash and cash equivalents, beginning of period | 502,660 | 593,515 | |
Cash and cash equivalents, end of period | $ 57,492 | $ 26,910 | |
[1] | Note 4 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Going Concern | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 1 - Basis of Presentation and Going Concern | Note 1 Basis of Presentation and Going Concern The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders equity or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited interim condensed consolidated financial statements should be read in conjunction with the Companys Annual Report on Form 10-K, which contains the annual audited consolidated financial statements and notes thereto, together with the Managements Discussion and Analysis, for the year ended June 30, 2018. The interim results for the period ended September 30, 2018 are not necessarily indicative of the results for the full fiscal year. The interim unaudited condensed consolidated financial statements are presented in USD, which is the functional currency. These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting in an accumulated deficit of $24,250,066 and further losses are anticipated in the development of its business. The ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue operations, exploration and development of the mineral properties and the discovery of, development, and sale of reserves. In order to continue to meet its plans and fiscal obligations in the current fiscal year and beyond, the Company must seek additional financing. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The accompanying unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management is considering various financing alternatives including, but not limited to, raising capital through the capital markets and debt financing. These interim condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. The ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue operations, explore and develop the mineral properties and the discovery, development, and sale of reserves. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. |
Note 2 - Nature of Operations
Note 2 - Nature of Operations | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 2 - Nature of Operations | Note 2 Nature of Operations Bunker Hill Mining Corp. (formerly Liberty Silver Corp.) (the Company or Bunker) was incorporated under the laws of the state of Nevada, U.S.A on February 20, 2007 under the name Lincoln Mining Corp. Pursuant to a Certificate of Amendment dated February 11, 2010, the Company changed its name to Liberty Silver Corp., and on September 29, 2017 the Company changed its name to Bunker Hill Mining Corp. The Companys registered office is located at 1802 N. Carson Street, Suite 212, Carson City Nevada 89701, and its head office is located at 401 Bay Street, Suite 2702, Toronto, Ontario, Canada, M5H 2Y4, and its telephone number is 888-749-4916. As of the date of this Form 10-Q, the Company had two subsidiaries, Bunker Hill Operating LLC, a Colorado corporation that is currently dormant, and American Zinc. Corp., an Idaho corporation created to facilitate the work being conducted at the Bunker Hill Mine in Idaho. The Company was incorporated for the purpose of engaging in mineral exploration activities. It continues to work at developing its projects with a view towards putting them into production. |
Note 3 - Mining Interests
Note 3 - Mining Interests | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 3 - Mining Interests | Note 3 - Mining Interests Bunker Hill Mine Complex On November 27, 2016, the Company entered into a non-binding letter of intent with Placer Mining Corp. (Placer Mining) in Idaho During the fiscal year ended June 30, 2017, the Company made payments totaling $300,000 as part of this Letter of Intent. These amounts were initially capitalized and subsequently written off during fiscal 2018 and are included in exploration expenses. On August 28, 2017, the Company announced that it signed a definitive agreement (the Agreement) for the lease and option to purchase the Bunker Hill Mine assets (the Bunker Assets) (note 7). Under the terms of the Agreement, the Company was required to make a $1 million bonus payment to Placer Mining no later than October 31, 2017, which payment was made, along with two additional $500,000 bonus payments in December 2017. The 24-month lease commences November 1, 2017 and continues until October 31, 2019. The lease period can be extended by a further 12 months at the Companys discretion. During the term of the lease, the Company must make $100,000 monthly mining lease payments, paid quarterly. The Company had an option to purchase the Bunker Assets at any time before the end of the lease and any extension for a purchase price of $45 million with purchase payments to be made over a ten-year period to Placer Mining. Under terms of the agreement, there is a 3% net smelter return royalty (NSR) on sales during the Lease and a 1.5% NSR on the sales after the purchase option is exercised, which post-acquisition NSR is capped at $60 million. On October 2, 2018, the Company announced that it was in default of its Lease with Option to Purchase Agreement with Placer Mining, the lessor of the Bunker Hill Mine. The default arose as a result of missed property payments, totaling $400,000, which were due at the end of September and on October 1, 2018. As per the Agreement, the Company had 15 days, from the date notice of default was provided (September 28, 2018), to remedy the default by making the outstanding payment. While Management worked with urgency to resolve this matter, Management was ultimately unsuccessful in remedying the default, resulting in the lease being terminated. On November 13, 2018, the Company announced that it was successful in renewing the lease, effectively with the original Agreement intact, except that monthly payments are reduced to $60,000 per month for 12 months, with the accumulated reduction in payments added to the purchase price of the mine should the Company choose to exercise its option (Note 7). Trinity Project On August 31, 2017, the Company and Renaissance Exploration Inc. signed a notice of termination and release of exploration Earn-In Agreement. Upon signing this agreement, the Company has terminated the March 29, 2010 Earn-In Agreement and has been released from all past and future obligations. |
Note 4 - Convertible Loan Payab
Note 4 - Convertible Loan Payable | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 4 - Convertible Loan Payable | Note 4 Convertible Loan Payable In August 2018, the amount of the Hummingbird convertible loan payable was increased to $2 million. Under the terms of the Amended and Restated Loan Agreement, Hummingbird may, at any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of Bunker as follows: (i) $1,500,000, being the original principal amount (Principal Amount), the Principal Amount may be converted at a price per share equal to C$0.85; (ii) 2,294,835 common shares may be acquired upon exercise of warrants at a price of CDN$0.85 per warrant for a period of two years from the date of issuance; (iii) $500,000, being the additional principal amount (Additional Amount), the Additional Amount may be converted at a price per share equal to C$0.45; and (iv) 1,167,143 common shares may be acquired upon exercise of warrants at a price of CDN$0.45 per warrant for a period of two years from the date issuance. In the event that Hummingbird would acquire common shares in excess of 9.999% through the conversion of the Principal Amount or Additional Amount, including interest accruing thereon, or on exercise of the warrants as disclosed herein, the Company shall pay to Hummingbird a cash amount equal to the common shares exercised in excess of 9.999%, multiplied by the conversion price. At September 30, 2018, the fair value of the conversion feature was estimated using the Binomial model to determine the fair value of conversion feature using the following assumptions: June 30, 2018 September 30, 2018 Expected life 345 days 257 days Volatility 100% 100% Risk free interest rate 2.04% 2.11% Dividend yield 0% 0% Share price $0.6455 $0.20 Fair value $180,353 $7,141 Change in derivative liability $173,212 |
Note 5 - Capital Stock and Warr
Note 5 - Capital Stock and Warrants | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 5 - Capital Stock and Warrants | Note 5 Capital Stock and Warrants Authorized The total authorized capital is as follows: - 300,000,000 common shares with a par value of $0.001 per common share; and - 10,000,000 preferred shares with a par value of $0.001 per preferred share Issued and outstanding In August 2018, the Company closed a private placement, issuing 1,604,076 Units to Gemstone 102 Ltd. (Gemstone) at a price of C$0.45 per Unit. Each Unit entitles Gemstone to acquire one common share (Unit Share) and one common share purchase warrant (Unit Warrant), with each Unit Warrant entitling Gemstone to acquire one common share of the Company at a price of C$0.45 for a period of three years. Prior to the issuance of the Units, Gemstone held 4,000,000 common shares of the Company (12.12%) and 2,000,000 warrants (Prior Warrants) exercisable at a price of C$2.00 per share (16.21% on a partially diluted basis). Immediately prior to closing, the Prior Warrants were early terminated by mutual agreement of the Company and Gemstone. Upon issuance of the 1,604,076 Units to Gemstone, Gemstone beneficially owns or exercises control or direction over 5,604,076 common shares of the Company representing 16.2% of the issued and outstanding shares. Assuming exercise of the Unit Warrants, Gemstone would hold 7,208,152 of the outstanding common shares of the Company, representing 19.90% of the issued and outstanding common shares of Bunker. Gemstones participation in the Offering constitutes a "related party transaction" under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). At September 30, 2018, there were 34,617,791 common shares issued and outstanding. Warrants As of September 30, 2018, the Company had 7,406,374 warrants outstanding, with exercise prices from C$0.45 to C$2.00, expiring from December 5, 2020 to August 9, 2021. Stock Options In September 2018, 437,500 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at CDN$0.80 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Companys books, extinguishing the liability in full. The fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following underlying assumptions: Year Risk free interest rate Dividend yield Volatility Weighted average life 2018 2.32% 0% 100% 5 years |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 6 - Commitments and Contingencies | Note 6 Commitments and Contingencies Effective June 1, 2017, the Company has a lease agreement for office space at 401 Bay Street, Suite 2702, Toronto, Ontario, Canada, M5H 2Y4. The 5-year lease provides for a monthly base rent of CDN$12,964 for the first two years, increasing to CDN$13,504 per month for years three through five. The Company has signed sub-leases with other companies that cover 78% of the monthly lease amount. In November 2018, the Company and Placer Mining agreed to amend the terms of the Agreement such that commencing November 2018, Bunker will make monthly payments of $60,000, where previously monthly payments of $200,000 were being made. The $140,000 difference will accumulate to $1,680,000 over 12 months and will only become due if Bunker exercises its option to purchase the mine. In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (EPA) whereby for so long as Bunker leases, owns and/or occupies the Bunker Hill Mine, the Company will make payments to the EPA on behalf of the current owner in satisfaction of the EPAs claim for cost recovery. Payments to the EPA started with $1 million 30 days after a fully ratified agreement is signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million payment on November 1, 2024. The November 1, 2018 payment was not made, and the Company is having discussions with the EPA to amend and defer payments. |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 7 - Related Party Transactions | Note 7 Related Party Transactions During the quarter ended September 30, 2018, Mr. Messrs. Bruce Reid (CEO) received $40,000, Julio DiGirolamo (CFO) received $30,000, Howard Crosby (Executive Vice President) earned $15,000 and John Ryan (Director) earned $15,000 for services to the Company. During the quarter ended September 30, 2018, Ms. Boyle, former director, received $45,390 for services rendered to the Company. At September 30, 2018, $15,000 remains outstanding as payables due to related parties. |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 7 - Subsequent Events | Note 8 Subsequent Events As described in Note 3, Management was able to reinstate the Agreement for the Bunker Hill mine, with reductions to the payment stream over the next 12 months. Given the urgent need to secure financing to meet the new lease obligations, Bunkers Board has approved an equity private placement for up to C$300,000 consisting of up to 4,000,000 units to be sold at C$0.075 per Unit with Unit consisting of one common share and one common share purchase warrant. Each whole warrant will be exercisable to acquire one common share at a price of C$0.10 for a period of two years. |
Note 4 - Convertible Loan Pay_2
Note 4 - Convertible Loan Payable: Fair Value, Measurement Inputs, Disclosure (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Hummingbird | |
Fair Value, Measurement Inputs, Disclosure | June 30, 2018 September 30, 2018 Expected life 345 days 257 days Volatility 100% 100% Risk free interest rate 2.04% 2.11% Dividend yield 0% 0% Share price $0.6455 $0.20 Fair value $180,353 $7,141 Change in derivative liability $173,212 |
Note 5 - Capital Stock and Wa_2
Note 5 - Capital Stock and Warrants: Fair value stock options (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Tables/Schedules | |
Fair value stock options | Year Risk free interest rate Dividend yield Volatility Weighted average life 2018 2.32% 0% 100% 5 years |
Note 2 - Nature of Operations (
Note 2 - Nature of Operations (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Feb. 20, 2007 |
Entity Information, Former Legal or Registered Name | Liberty Silver Corp |
Entity Information, Date to Change Former Legal or Registered Name | Sep. 29, 2017 |
Entity Address, Address Line One | 1802 N. Carson Street, Suite 212 |
Entity Address, City or Town | Carson City |
Entity Address, State or Province | Nevada |
Entity Address, Postal Zip Code | 89,701 |
City Area Code | 888 |
Local Phone Number | 749-4916 |
Note 3 - Mining Interests (Deta
Note 3 - Mining Interests (Details) - USD ($) | Nov. 27, 2016 | Sep. 30, 2018 |
Payments for Other Operating Activities | $ 300,000 | |
Bunker Hill | ||
Equity Method Investment, Description of Principal Activities | On November 27, 2016, the Company entered into a non-binding letter of intent with Placer Mining Corp. (“Placer Mining”), which letter of intent was further amended on March 29, 2017, to acquire the Bunker Hill Mine in Idaho and its associated milling facility located in Kellogg, Idaho, in the Coeur d’Alene Basin (the “Letter of Intent”). | |
Trinity | ||
Equity Method Investment, Description of Principal Activities | Trinity Project On August 31, 2017, the Company and Renaissance Exploration Inc. signed a notice of termination and release of exploration Earn-In Agreement. Upon signing this agreement, the Company has terminated the March 29, 2010 Earn-In Agreement and has been released from all past and future obligations. |
Note 4 - Convertible Loan Pay_3
Note 4 - Convertible Loan Payable (Details) | Sep. 30, 2018USD ($) |
Hummingbird | |
Long-term Debt, Gross | $ 2,000,000 |
Note 4 - Convertible Loan Pay_4
Note 4 - Convertible Loan Payable: Fair Value, Measurement Inputs, Disclosure (Details) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018CAD ($)$ / shares | Jun. 30, 2018$ / shares |
Expected life | 5 | |||
Expected volatility | 100.00% | |||
Risk-free rate | 2.32% | |||
Change in derivative liability | $ 173,212 | |||
Hummingbird | ||||
Expected life | 257 | 345 | ||
Expected volatility | 100.00% | 100.00% | ||
Risk-free rate | 2.11% | 2.04% | ||
Dividend Yield | 0 | 0 | ||
Sale of Stock, Price Per Share | $ / shares | $ 0.20 | $ 0.6455 | ||
Fair value convertible loan | $ 7,141 | $ 180,353 |
Note 5 - Capital Stock and Wa_3
Note 5 - Capital Stock and Warrants (Details) | 3 Months Ended | |||
Sep. 30, 2018CAD ($)shares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / sharesshares | |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 | ||
Common Stock, Par Value | $ / shares | $ 0.001 | $ 0.001 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Preferred Stock, Par Value | $ / shares | $ 0.001 | $ 0.001 | ||
Shares outstanding | 34,617,791 | |||
Warrants and Rights Outstanding | $ | $ 7,406,374 | |||
ConsultantMember | ||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 437,500 | |||
Debt Conversion, Converted Instrument, Amount | $ | $ 350,000 | |||
Sale of Stock, Price Per Share | $ / shares | $ 0.80 | |||
Private placement | ||||
Units issued in private placement | 1,604,076 | |||
Units issued in private placement, price per unit | $ / shares | $ 0.45 |
Note 5 - Capital Stock and Wa_4
Note 5 - Capital Stock and Warrants: Fair value stock options (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Details | |
Risk-free rate | 2.32% |
Expected volatility | 100.00% |
Expected life | 5 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Office lease | |
Other Commitments, Description | Effective June 1, 2017, the Company has a lease agreement for office space at 401 Bay Street, Suite 2702, Toronto, Ontario, Canada, M5H 2Y4. The 5-year lease provides for a monthly base rent of CDN$12,964 for the first two years, increasing to CDN$13,504 per month for years three through five. The Company has signed sub-leases with other companies that cover 78% of the monthly lease amount. |
Lease and option to purchase | |
Other Commitments, Description | In November 2018, the Company and Placer Mining agreed to amend the terms of the Agreement such that commencing November 2018, Bunker will make monthly payments of $60,000, where previously monthly payments of $200,000 were being made. The $140,000 difference will accumulate to $1,680,000 over 12 months and will only become due if Bunker exercises its option to purchase the mine. |
EPA | |
Other Commitments, Description | In addition to the payments to Placer Mining, pursuant to an agreement with the United States Environmental Protection Agency (“EPA”) whereby for so long as Bunker leases, owns and/or occupies the Bunker Hill Mine, the Company will make payments to the EPA on behalf of the current owner in satisfaction of the EPA’s claim for cost recovery. Payments to the EPA started with $1 million 30 days after a fully ratified agreement is signed (which payment was made) followed by $2 million on November 1, 2018 and $3 million on each of the next 5 anniversaries with a final $2 million payment on November 1, 2024. The November 1, 2018 payment was not made, and the Company is having discussions with the EPA to amend and defer payments. |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Details) | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Due to Related Parties, Current | $ 15,000 |
Reid | |
Officers' Compensation | 40,000 |
Digirolamo | |
Officers' Compensation | 30,000 |
Crosby | |
Officers' Compensation | 15,000 |
Boyle | |
Officers' Compensation | $ 45,390 |
Note 7 - Subsequent Events (Det
Note 7 - Subsequent Events (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Details | |
Subsequent Event, Description | Given the urgent need to secure financing to meet the new lease obligations, Bunker’s Board has approved an equity private placement for up to C$300,000 consisting of up to 4,000,000 units to be sold at C$0.075 per Unit with Unit consisting of one common share and one common share purchase warrant. |