Storm Exploration Announces Shares for Debt Transaction

About this update from Storm Exploration Inc

Storm Exploration Announces Shares for Debt TransactionVANCOUVER, BC / ACCESSWIRE / March 20, 2024 / Storm Exploration Inc. (TSXV:STRM) ("Storm" or the "Company") today announced that it has completed its previously announced Shares for Debt transaction and settled an amended aggregate of $210,000 of indebtedness (the "Debt") owed to certain arm's length and non-arm's length creditors through the issuance of an aggregate of 4,200,000 common shares at a deemed price of $0.05 per common share.The insider portion of the debt settlement being an aggregate of $160,000 indebtedness is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization. All common shares issued to settle the Debt are subject to a hold period of four months and one day from the date of issuance.About Storm Exploration Inc.Storm Exploration Inc. is a Canadian mineral exploration company focused on the discovery and development of economic precious and base metal deposits on five district-scale projects in Canada: Miminiska, Toogood, Keezhik, Attwood and Gold Standard.For further information, please contact:Storm Exploration Inc. +1 (604) [email protected] the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS:This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Forward-looking statements include: predictions, projections, outlook, guidance, estimates and forecasts and other statements regarding the Transaction, including the terms, timing and completion thereof. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "int...

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