VANCOUVER, BC / ACCESS Newswire / July 2, 2025 / Storm Exploration Inc. (TSX-V:STRM) ("Storm" or the "Company") today announced that, further to its news release dated March 21, 2025, it has issued 6,239,385 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 has 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 15.8% 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).
The Company also today announced that Mr. Michael Sweatman has resigned from its Board of Directors. "I would like to thank Michael for his guidance and contribution to the Company over the past five years," stated Bruce Counts, President and CEO of Storm. The Company's Board of Directors has commenced a search for an independent Director with similar qualifications and board experience.
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.
Forward Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to: TSXV acceptance of the requisite Personal Information Form and the scheduled payments under the Option Agreement. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including TSXV acceptance of the requisite Personal Information Form and failure of the Company to have sufficient funds to make the scheduled payments under the Option Agreement. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Storm Exploration Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/storm-exploration-update-on-option-payment-for-miminiska-and-keezhik-1045276
