Silver Storm Announces Shares for Debt Settlement
Silver Storm Mining Ltd. ("Silver Storm" or the "Company") (TSX.V: SVRS), announces that it has entered into a debt settlement letter agreement with a legal service provider to the Company (the "Creditor") to settle the Company's outstanding debt for past services performed by the Creditor in the amount of $286,760.95 (the "Debt") by issuing 972,200 common shares in the capital of the Company (the "Common Shares") at a deemed price of $0.18 per Common Share (the "Shares-for-Debt Transaction"), in addition to the payment to the Creditor of $111,760.95. The Board of Directors has determined that it is in the best interests of the Company to settle the outstanding Debt to the Creditor partially through the issuance of Common Shares in order to preserve the Company's cash for ongoing operations.
Closing of the Shares-for-Debt Transaction is subject to customary closing conditions, including the approval of the TSX Venture Exchange.
About Silver Storm Mining Ltd.
Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. In August 2023 Silver Storm completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico. For more information regarding the Company and its projects, please visit our website at www.silverstorm.ca.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements:
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of the phrase 'forward-looking information' in the Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management and Qualified Persons (in the case of technical and scientific information) expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the issuance of Common Shares, the making of cash payments to the Creditor, and TSX Venture Exchange approval of the Shares-for-Debt Transaction.
Such forward-looking information represents managements best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240621568084/en/
Contact
For additional information, please contact:
Greg McKenzie, President & CEO
Ph: +1 (416) 504-2024
greg.mckenzie@silverstorm.ca