In This Article:
VANCOUVER, BC / ACCESSWIRE / August 19, 2024 / Storm Exploration Inc. (TSX-V:STRM) ("Storm" or the "Company") today announced that, further to the Company's news release dated July 4, 2024, it has reached an agreement with Landore Resources Canada Inc. ("Landore") to extend, by up to 18 months, the dates for the remaining payments under the Option Agreement to acquire a 100% interest the Miminiska and Keezhik properties.
The remaining payments to Landore are tabled below:
| Payment Date | Cash | Convertible Cash 1 |
| 20-Sep-2024 | $262,500 | $250,000 |
| 20-Mar-2025 | Nil | $275,000 |
| 20-Mar-2026 | $525,000 | $787,500 |
1 Storm can elect to make Convertible Cash payments in cash or STRM shares with number of shares defined by the 30-day volume weighted average price prior to the date of election.
The Storm shares will be subject to a voluntary pooling arrangement that will allow 20% of each instalment of shares to be released for trading on issuance (subject to the statutory hold period), an additional 40% to be released on the first anniversary of the share issuance and the remaining 40% to be released on the second anniversary of the share issuance. In addition, if Landore wishes to dispose of any shares, Storm will have the ability to find a buyer. Finally, if Landore acquires direction or control of 10% or more of the issued shares of Storm, it will have the right to appoint one director to the Board of Directors, subject to TSXV acceptance.
Bruce Counts, the President and CEO of the Company, stated: "I would like to thank Landore for working with Storm to revise the agreement for Miminiska and Keezhik in a way that balances attractive commercial terms for Storm investors with the preservation of value for Landore".
Fort Hope Projects
The Miminiska, Keezhik and Attwood properties are located within the traditional territory of the Eabametoong First Nation with whom Storm signed an Exploration Agreement see news release dated May 23rd, 2024 here ). The properties projects are located within the Miminiska-Fort Hope greenstone belt, approximately 350 kilometres north of the city of Thunder Bay, Ontario. Each project has the potential to host a multi-million-ounce orogenic gold deposit. In addition, the Attwood project also has the potential to host a significant base metal deposit.
The Miminiska property is the Company's primary focus and hosts drill confirmed, high-grade gold mineralization at two primary prospects: Miminiska and Frond (refer to Figure 1). Historical assays include 5.75g/t Au over 20.84m* and 13.95g/t Au over 5.32m* with mineralization hosted in banded iron formation and associated shear zones.