09:07 AM EDT, 06/24/2024 (MT Newswires) -- Silver Storm Mining Ltd. ( SVRSF ) over the weekend entered into a debt settlement letter agreement with a legal service provider to settle the company's outstanding debt for past services performed by the creditor in the amount of $286,760.95 by issuing 972,200 common shares in the capital of the company at a deemed price of $0.18 per common share, in addition to the payment to the creditor of $111,760.95.

According to a statement, the Board of Directors determined that was 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.