04:34 PM EDT, 04/05/2024 (MT Newswires) -- Silver Storm Mining Ltd. ( SVRSF ) (after trade Friday increased the size of its previously announced non-brokered private placement offering of units in the company for gross proceeds of up to $3 million at a price of $0.11 per Unit.

A statement noted each unit will consist of one common share of the company and one half of one common share purchase warrant. Each Warrant shall be exercisable to acquire one additional common share at an exercise price of C$0.16 for a period of 24 months from the date of closing.

Friday's statement also noted the units are being offered by way of private placement pursuant to exemptions from prospectus requirements under applicable securities laws. The securities issued and issuable pursuant to the offering will be subject to a four month and one day hold period from the date of closing. The Warrants and Finders' Warrants will not be listed for trading. The company said it intends to use the net proceeds of the offering to advance drilling at La Parrilla, to perform technical studies for a potential restart in 2025, and to fund ongoing operations.