Storm Exploration Secures $3.2 Million Through Oversubscribed Private Placement

Storm Exploration Inc. (TSXV:STRM) has finalized a successful non-brokered private placement, raising $3.2 million. The company issued 8,000,000 units at $0.40 per unit, each comprising one common share and half a purchase warrant. These warrants enable holders to acquire an additional share at $0.55 over two years.

Notably, investor Eric Sprott acquired 5,000,000 units, making a significant $2 million investment. This acquisition increases his stake to 15.8% of non-diluted shares, with potential expansion to 21.2% upon warrant exercise, given regulatory changes.

The proceeds are allocated for exploration at Storm's Gold Standard project and general corporate purposes. Securities issued are under a hold period until January 15, 2027. The company relied on certain exemptions for their transaction with Sprott, in line with Canadian securities legislation. Full details are available on SEDAR+.