Business
Storm Exploration Enters Agreement to Sell the Miminiska Project
VANCOUVER, BC / ACCESS Newswire / December 1, 2025 / Storm Exploration Inc. (TSXV:STRM) (" S...
About this update from Storm Exploration Inc
[{"type":"text","content":"Storm Exploration Enters Agreement to Sell the Miminiska ProjectVANCOUVER, BC / ACCESS Newswire / December 1, 2025 / Storm Exploration Inc. (TSXV:STRM) (\"Storm\" or the \"Company\") is pleased to announce that it has entered into a mineral property purchase agreement (the \"Definitive Agreement\") dated November 28, 2025 with European Electric Metals Inc. (TSXV: EVX) (\"European Electric\"), pursuant to which Storm will sell, subject to the satisfaction of certain conditions, its interest in the Miminiska Project, located in northwestern Ontario, that Storm will acquire by exercising its option to acquire the Mininiska Project pursuant to an existing option agreement dated May 5, 2021, as amended (the \"Option Agreement\") between Storm and Landore Resources Canada Inc. (\"Landore\") (collectively, the \"Transaction\"). The Transaction is an arm's length transaction. The total consideration to be paid by European Electric includes cash and share payments equal to an aggregate of $5,812,500. The Company advises that trading in its common shares will remain halted pending receipt and review of acceptable documentation by the TSXV pursuant to Section 5.6 (d) of TSXV Policy 5.3.\"This an excellent opportunity for Storm. The proposed transaction provides the Company with a robust treasury to explore the Keezhik, Attwood and Gold Standard properties. These three district scale properties cover more than 400 km2 of prospective geology, including the Keezhik Project where historical drilling has confirmed high-grade gold intersections,\" commented Bruce Counts, President and CEO of Storm Exploration Inc. \"In addition, the proposed transaction will allow Storm to retain exposure to the potential for the discovery of a significant gold deposit at Miminiska through the issuance of shares in European Electric Metals.\"Transaction TermsCash PaymentsPursuant to the Definitive Agreement, European Electric will make cash payments totaling $3,525,000 as follows:$200,000 non-refundable deposit (the \"Deposit\") to Storm upon European Electric's receipt of the TSX Venture Exchange's (the \"TSXV\") written confirmation that they do not object to payment of the Deposit;$1,800,000 on the closing date of the Transaction (the \"Closing Date\"), $1,312,500 of which will be delivered to Landore in satisfaction of Storm's remaining option payment under ...