04:01 PM EDT, 06/05/2025 (MT Newswires) -- Silver Storm Mining ( SVRSF ) said Thursday afternoon it completed the first tranche of a private placement, raising total gross proceeds of $10.54 million.

The tranche included a partial exercise of the agents' option. A total of about 81-million units were sold at $0.13 per unit. Each unit is made up of a share and a three-year warrant to buy a second share for $0.20.

The financing included a $1 million investment from major shareholder Eric Sprott, through his company 2176423 Ontario Ltd., according to the statement.

Silver Storm said it plans to use the proceeds for tasks including purchasing mine processing flotation cells, beginning rehabilitation work on the La Parrilla processing facility, and general corporate and working capital needs.

The company expects to close the final tranche, worth up to $1.47 million from the sale of about 11.3-million additional units, in the coming days.

Silver Storm shares closed unchanged at $0.13 on the TSX Venture Exchange.