Thursday, 18 April 2024

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Silver Storm Closes First Tranche of Non-Brokered Private Placement Offering By

Silver Storm Closes First Tranche of Non-Brokered Private Placement Offering By

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This News Release Is Not for Distribution to U.S. Newswire Services for Dissemination in the United States

TORONTO–(BUSINESS WIRE)–Silver Storm Mining Ltd. (Silver Storm or the “Company“) (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR), is pleased to announce the closing of the first tranche (the First Tranche) of its non-brokered private placement offering (the Offering) of units of the Company (each, a Unit) previously announced on March 13, 2024. Under the First Tranche of the Offering, 13,340,455 Units were issued at a price of $0.11 per Unit for aggregate gross proceeds of $1.47 million.

Each Unit consists of one common share of the Company (a “Common Share“) and one half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall be exercisable to acquire one (1) additional Common Share at an exercise price of C$0.16 until April 4, 2026 (the Expiry Date).

In connection with the Offering, the Company agreed to pay certain eligible arm’s length parties who introduced subscribers to the Offering (each, a Finders): up to 7% cash fees, and (2) up to 7% finders’ warrants (Finders’ Warrants). Each Finder’s Warrant entitles the holder to purchase one Common Share at a price of $0.11 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 fund ongoing operations.

The Offering has received conditional approval from the TSX Venture Exchange (the TSXV).

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Silver Storm Mining Ltd.

Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Silver…

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