Storm Exploration Announces Non-Brokered Private Placement
Storm Exploration Inc. (TSXV: STRM) announced a non-brokered private placement for aggregate gross proceeds of up to $2,572,500, subject to TSX Venture Exchange approval. The offering consists of two types of units: standard Units priced at $0.35 and Charity Flow-Through Units priced at $0.5075. Proceeds will be allocated to advance gold and base metal properties in northern Ontario, general working capital, and eligible Canadian exploration expenses (CEE) for the charity flow-through component.
Each Standard Unit consists of one common share and one-half warrant, while each Charity Flow-Through Unit consists of one flow-through share and one-half warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.50 per share. The warrants have a duration of 24 months from the date of issuance. The maximum issuance includes up to 6,000,000 common shares and 3,000,000 warrants.
The Charity Flow-Through Units are designated to incur eligible "Canadian exploration expenses" (CEE) qualifying as "flow-through critical mineral mining expenditures" under the Income Tax Act (Canada). These expenditures will be renounced to purchasers with an effective date no later than December 31, 2026. Standard Units will be used to advance the Company's gold and base metal properties in northern Ontario and for general working capital purposes.
Sales are being made pursuant to prospectus exemptions, including the accredited investors, family members, close friends/business associates of directors/officers, Investment Dealer Exemption (BC Instrument 45-536), and Existing Shareholder Exemption (BC Instrument 45-534). Under the Existing Shareholder Exemption, subscribers may not subscribe for more than $15,000 of securities in any 12-month period unless they receive advice from a registered investment dealer. The record date for the offering is June 30, 2026, and the securities are subject to a hold period of four months and one day from the date of issuance. The Company may pay cash finder's fees and/or issue finder's warrants subject to Exchange policies.