01:19 PM EDT, 04/11/2024 (MT Newswires) -- Silver Storm Mining ( SVRSF ) said Thursday it raised C$4.6 million in the second and final tranche of a private placement of share units.

The company placed 42.1-million units in the tranche, with each priced at $0.11 and made up of a share and one half of a two-year warrant to buy a second share for C$0.16..

In total, the company raised C$6.1 million in the placement's two tranches. The second tranche included a C$3 million investment from shareholder and noted mining financier Eric Sprott.

The company plans to use the net proceeds to advance drilling at La Parrilla, to perform technical studies for a potential restart in 2025, and to fund ongoing operations.

The company's shares were last seen up C$0.005 to C$0.15 on the TSX Venture Exchange.

Price: 0.15, Change: +0.01, Percent Change: +3.45