This morning we had this terse four-liner from the latest in a long line of Bobby Genovese scam stocks, Bunker Hill Mining (BNKR):
TORONTO, Oct. 15, 2018 (GLOBE NEWSWIRE) — Bunker Hill Mining Corp. (the “Company” or “Bunker Hill”) (CSE:BNKR)
announces that it has defaulted on its payment obligations with
respect to its Lease with Option to Purchase Agreement (the “Agreement”)
with Placer Mining Corporation, the lessor of the Bunker Hill Mine. As
such, the Agreement is terminated.
About Bunker Hill Mining Corp.
That news comes at the end of a string of events which, when taken as a whole, point to very strange things going on.
1) BNKR files its latest set of financials (nine months to March 31st) which show the company has U$2.06m in cash, no debts of any import, working capital of over U$2.4m. A few rough calcs show the burn rate at the company at about $550k a month, which is a lot for this type of small junior. We also note that CEO Bruce Reid is on $20k a month and CFO Julio DiGirolamo is on $15k a month, cash.
2) On June 21st, the company publishes an update which lists all the good things going on, including the tireless work and the way in which sophisticated investors are looking to fund activities. They also say a 43-101 technical report would be filed soon, which would allow the company to list on the TSXV. However, just a few days later IIROC makes them publish a correction to the NR with a list of things that did not conform to standards.
3) On August 13th BNKR announced it had closed a financing deal to the tune of $1.379m with two investors, namely a group of Chinese who were already neck deep and throwing good money after bad, then also Hummingbird Resources, a London AIM listed junior that really should have known better than to get involved with scamsters like Genovese. Still, nearly $1.4m would surely be enough to keep the lights on, right?
4) On September 6th BNKR announces its 43-101 compliant technical report. Which is a joke document, the compilers seem to have based their report on 12 grab samples.
And then suddenly, things go downhill fast:
5) On October 2nd BNKR announces it has missed its option payment on the Bunker Hill property and is in default.
6) On October 12th (last Friday) BNKR announces that CEO Bruce Reid had resigned. No more $20k/month paychecks for him.
7) Which brings us to this morning, and the announcement of the default and termination.
This company has been bled dry of cash by the people in the centre of the scam, Bobby Genovese (of course) and it’s worth noting that this was a $3 stock at the beginning of the year, sold down relentlessly as somebody turns paper into cash. We also remind readers that Bobby Genovese is currently facing SEC charges due to his pump and dump selling activities at his former company, Liberty Silver, the very same one that paid James West of The Midas Letter to pump it to Canadian retail fools.