06:38 AM EDT, 04/10/2024 (MT Newswires) -- Silver Storm Mining Ltd. ( SVRSF ) overnight Tuesday said that it had further upsized its non-brokered private placement offering of units for gross proceeds of up to $6.1 million at $0.11 per unit.

The offering is expected to include a $3 million investment from current significant shareholder Eric Sprott, founder of asset manager Sprott Inc. ( SII ) . The first tranche of the offering closed on April 2 for gross proceeds of about $1.5 million.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will be exercisable to purchase one additional common share at an exercise price of C$0.16 for 24 months from the date of issuance.

Sprott through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, has committed to subscribe for about 27.3 million units in the offering for a purchase price of about $3 million.

The offering is expected to close by April 10.