Business
Silver Storm Announces Upsize of Brokered Private Placement for Gross Proceeds of up to C$8.0 Million
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About this update from Silver Storm Mining Ltd.
[{"type":"text","content":"Silver Storm Announces Upsize of Brokered Private Placement for Gross Proceeds of up to C$8.0 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 as a result of strong investor demand, the Company and Red Cloud Securities Inc. as lead agent and bookrunner and Ventum Financial Corp, as co-agent (collectively, the “\n \n Agents\n \n ”), have agreed to increase the size of the previously announced best-efforts private placement (the “\n \n Marketed Offering\n \n ”) from gross proceeds of up to C$6,006,000 to gross proceeds of up to C$8,008,000. The upsized Marketed Offering is comprised of the sale of up to 61,600,000 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 Agents 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 The Company intends to use the net proceeds from the Offering to commence rehabilitation work of the La Parrilla processing facility, order long lead items required to restart La Parrilla, fund ongoing operations for the next twelve months, and for general corporate and working capital purposes, all as further detailed in the Offering Document.\n \n\n Subject to compliance with applicable regulatory requ...