Silver Storm Mining expands private placement to $21 million

Silver Storm Mining has expanded its non-brokered private placement offering to up to 42,000,000 units, potentially raising gross proceeds of up to $21,000,000. The company has already closed the first tranche, issuing 29,250,000 units at $0.50 each for $14,625,000.

Investor Eric Sprott, through 2176423 Ontario, subscribed for 15,000,000 units totaling $7,500,000. This investment brings his total holdings to approximately 110,768,929 shares and 20,755,556 warrants, representing about 12.9% non-diluted ownership in the company.

Each unit consists of one common share and one-half of a warrant, with whole warrants exercisable at $0.70 for 18 months. The net proceeds are earmarked for drilling programs at the La Parrilla Silver Mine Complex, as well as general working capital and corporate purposes.