Eric Sprott Invests $2 Million in Storm Exploration

Storm Exploration Inc. has announced a significant private placement investment by Eric Sprott’s corporation, 2176423 Ontario Ltd. The investment consists of 5 million units priced at $0.40 each, raising $2 million. Post-transaction, Sprott's entity will emerge as the largest shareholder of Storm, acquiring over 10% of its shares. However, his ownership remains under the 20% threshold due to warrant conditions.

The funds will support exploration drilling at Storm's Gold Standard project, marking a shift to verification of its Volcanogenic Massive Sulphide target. Each unit includes a common share and half a warrant, with warrants providing further share acquisition at $0.55 within two years. This non-brokered offering does not involve commissions. The issuance complies with Canadian securities exemptions but awaits TSX Venture Exchange approval.