Business
Storm Amends Exploration Agreement with Eabametoong First Nation
VANCOUVER, BC / ACCESS Newswire / May 9, 2025 / Storm Exploration Inc. (TSXV:STRM) ("Storm" or...
About this update from Storm Exploration Inc
[{"type":"text","content":"Storm Amends Exploration Agreement with Eabametoong First NationVANCOUVER, BC / ACCESS Newswire / May 9, 2025 / Storm Exploration Inc. (TSXV:STRM) (\"Storm\" or the \"Company\") announced today that, further to its news release dated May 23, 2024, it has amended its Exploration Agreement (\"EA\") dated May 16, 2024 with the Eabametoong First Nation (the \"EFN\") concerning the Company's Miminiska, Keezhik and Attwood Project (the \"Fort Hope Projects\") located approximately 350 km north of the city of Thunder Bay in northwestern Ontario.\"This Amendment completes the EA between Storm and the EFN,\" stated Storm's President and CEO, Bruce Counts. \"Storm firmly believes that the participation of local First Nations is critical to a project's success, and I am excited to work with the EFN to advance the highly prospective Fort Hope properties.\"The EA establishes a framework for ongoing consultation with the EFN and provides opportunities for the community to participate in the project through employment, training, and business development.Under the amended EA, the Company will make a one-time cash payment of $30,000 upon acceptance of the amended EA by the TSX Venture Exchange (the \"TSXV\"), and reimburse certain other costs incurred by the EFN in connection with the amended EA. In addition, Storm will make annual contributions to a community fund established by the EFN as follows:6% of exploration expenditures to be paid in cash and,Subject to annual TSXV approval, 2% of exploration expenditures incurred to be paid in common shares (each, a \"Share\") of Storm, at a rate based on the higher of the 30-day volume weighted average price (\"VWAP\") on the date that is five business days before the issuance date or the Discounted Market Price (as defined by the policies of the TSXV).Storm will also issue Shares to the EFN as follows:$25,000 in Shares upon TSXV acceptance of the amended EA;$50,000 in Shares on each of the first and second anniversaries of the amended EA, subject to the Company carrying active exploration work on the Fort Hope Projects; and$75,000 in Shares on each of the third and fourth anniversaries of the amended EA, subject to the Company carrying active exploration work on the Fort Hope Projects.The number of Shares issued under the amended EA to the EFN will be calculated using the 30-day VWAP on the date that...