Silver Storm Mining secures $7.5M private placement from Eric Sprott

Silver Storm Mining Ltd. has announced a non-brokered private placement of 15,000,000 units at $0.50 per unit, aiming to raise gross proceeds of $7,500,000. The entire offering has been fully subscribed by Eric Sprott through 2176423 Ontario Ltd., a corporation he beneficially owns.

Each unit consists of one common share and one-half of a common share purchase warrant. The warrants entitle the holder to acquire an additional common share at a price of $0.70 for a period of 18 months. The company expects the offering to close on or about August 25, 2026, subject to regulatory approvals.

Silver Storm intends to use the net proceeds to fund surface and underground drilling programs at its La Parrilla Silver Mine Complex in Durango, Mexico, as well as for general corporate and working capital purposes.