Silver Storm Mining Ltd. (TSXV: SVRS | FSE: SVR) has announced that it is further increasing the size of its previously announced non-brokered private placement offering of units of the company for gross proceeds of up to C$6,100,000.06 at a price of C$0.11 per unit. The offering is expected to include a C$3M investment from current significant shareholder Eric Sprott. The first tranche of the offering closed on 2 April 2024 for aggregate gross proceeds of C$1.47M.
Each unit will consist 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 C$0.16 for a period of 24 months from the date of issuance.
In connection with the offering, the company may pay certain eligible arm’s length parties who introduce subscribers to the offering up to 7% cash fees, and up to 7% finders’ warrants.
Additionally, the company has reported that Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, has committed to subscribe for 27,272,727 units in the offering for an aggregate purchase price of C$2,999,999.97.
To find out more, please visit www.silverstorm.ca
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