In This Article:
VANCOUVER, BC / ACCESS Newswire / April 29, 2025 / Storm Exploration Inc. (TSX-V:STRM) ("Storm" or the "Company") announced today that, further to its news release dated March 21, 2025, it has issued 2,092,686 common shares (each, a "Share") at a deemed price of $0.033005 per Share to Landore Resources Canada Inc. (the "Optionor") as partial payment due under the option agreement dated May 5, 2021, as amended, with the Optionor (the "Option Agreement").
The Company will issue the remaining 6,239,385 Shares to the Optionor upon TSX Venture ("TSXV") approval of the requisite Personal Information Form from the Optionor. With the issuance of the remaining Shares, the Company will have issued an aggregate of 8,332,071 Shares to the Optionor as payment of the $275,000 cash installment due under the Option Agreement, which will result in the Optionor holding approximately 17.4% of the Company's issued and outstanding Shares as of today's date.
The number of Shares issued was calculated using the 30-day VWAP in accordance with the Option Agreement and was subject to TSXV approval. All Shares issued will be subject to a voluntary pooling arrangement (see the Company's news release dated August 19, 2024), in addition to a hold period of four months and one day from the date of issuance, in accordance with the Option Agreement and the policies of the TSXV.
The Option Agreement contemplates the Company's acquisition of a 100% interest in the Miminiska and Keezhik properties from the Optionor, a wholly owned subsidiary of Landore Resources Limited, subject to, amongst other things, scheduled payments. For further details with respect to the Option Agreement, please refer to the Company's news releases dated May 10, 2021, June 6, 2024, July 4, 2024, August 19, 2024 and March 21, 2025, available for viewing on the Company's profile on SEDAR+ (www.sedarplus.ca).
For further information, please contact:
Storm Exploration Inc.
+1 (604) 506-2804
bcounts@stormex.ca
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 four district-scale projects in northwest Ontario: Miminiska, Keezhik, Attwood and Gold Standard.
Neither 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.