03:11:08 EDT Thu 25 Apr 2024
Enter Symbol
or Name

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Silver Storm Mining Ltd
Symbol SVRS
Shares Issued 397,390,860
Close 2024-04-02 C$ 0.13
Market Cap C$ 51,660,812
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Silver Storm closes $1.47M first tranche of financing

2024-04-02 20:06 ET - News Release

Mr. Greg McKenzie reports


Silver Storm Mining Ltd. has closed the first tranche of its non-brokered private placement offering of units of the company, previously announced on March 13, 2024. Under the first tranche of the offering, 13,340,455 units were issued at a price of 11 cents per unit for aggregate gross proceeds of $1.47-million.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant shall be exercisable to acquire one additional common share at an exercise price of 16 cents until April 4, 2026.

In connection with the offering, the company agreed to pay certain eligible arm's-length parties who introduced subscribers to the offering up to 7 per cent in cash fees and up to 7 per cent in finders' warrants. Each finder's warrant entitles the holder to purchase one common share at a price of 11 cents for a period of 24 months.

The units were offered by way of private placement pursuant to exemptions from prospectus requirements under applicable securities laws. The securities issued and issuable pursuant to the offering are subject to a four-month-and-one-day hold period from the date of closing. The warrants and finders' warrants will not be listed for trading. The company intends to use the net proceeds of the offering to advance drilling at La Parrilla, to perform technical studies for a potential restart in 2025 and to finance continuing operations.

The offering has received conditional approval from the TSX Venture Exchange.

About Silver Storm Mining Ltd.

Silver Storm holds advanced-stage silver projects located in Durango, Mexico. Silver Storm recently completed the acquisition of 100 per cent of the La Parrilla silver mine complex, a prolific operation that comprises a 2,000-tonne-per-day (tpd) mill, as well as five underground mines and an open pit that collectively produced 34.3 million silver equivalent ounces between 2005 and 2019. The company also holds a 100-per-cent interest in the San Diego project, which is among the largest undeveloped silver assets in Mexico.

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