Business
Silver Storm Announces Brokered Private Placement for Gross Proceeds of up to C$6.0 Million
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNI...
About this update from Silver Storm Mining Ltd.
[{"type":"text","content":"Silver Storm Announces Brokered Private Placement for Gross Proceeds of up to C$6.0 Million\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n\n /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/\n \n\n\n\n\n Silver Storm Mining Ltd. (“\n \n Silver Storm\n \n ” or the \"\n \n Company\n \n \") (TSX.V: SVRS | FSE: SVR), is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. (the “\n \n Agent\n \n ”), to act as lead agent and bookrunner, in connection with a best-efforts private placement (the “\n \n Marketed Offering\n \n ”) for gross proceeds of up to C$6,006,000 from the sale of up to 46,200,000 units of the Company (each, a “\n \n Unit\n \n ”) at a price of $0.13 per Unit (the “\n \n Offering Price\n \n ”).\n \n\n Each Unit will consist of one common share of the Company (each, a “\n \n Unit Share\n \n ”) and one common share purchase warrant (each a “\n \n Warrant\n \n ”). Each Warrant shall entitle the holder to purchase one common share (each, a “\n \n Warrant Share\n \n ”) at a price of C$0.20 at any time on or before that date which is thirty-six (36) months after the Closing Date (as hereinafter defined).\n \n\n The Company has granted to the Agent an option, exercisable in full or in part, up to 48 hours prior to the Closing Date, to sell up to an additional 15,400,000 Units at the Offering Price to raise up to an additional C$2,002,000 in gross proceeds (the “\n \n Agent’s Option\n \n ”, and together with the Marketed Offering, the “\n \n Offering\n \n ”).\n \n\n Subject to compliance with applicable regulatory requirements and in accordance with Part 5A of National Instrument 45-106 –\n \n Prospectus Exemptions\n \n (“\n \n NI 45-106\n \n ” and with Part 5A, the “\n \n Listed Issuer Financing Exemption\n \n ”), the Units will be offered for sale to purchasers resident in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan. The Unit Shares and Warrant Shares underlying the Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchaser...