07:00 AM EST, 12/06/2024 (MT Newswires) -- Silver Storm Mining ( SVRSF ) , trading at 52-week lows, overnight Thursday said it will raise up to $2 million in a non-brokered private placement.

The company will sell up to 22 million units at $0.09 apiece. Each unit will include one common share and one common share purchase warrant. Each warrant can be exercised to buy one additional common share at $0.16 for 36 months from the date of issuance.

The miner can increase the size of the offering, subject to the approval of the TSX Venture Exchange. The proceeds from the offering will be used to complete the upcoming NI 43-101 resource statement, for general corporate purposes and as working capita, the company said.

Silver Storm shares lost 5% on Thursday.