11:43 AM EST, 01/24/2025 (MT Newswires) -- (Updates shares.)

Silver Storm Mining ( SVRSF ) late on Thursday said it is increasing the size of a previously announced non-brokered private placement of share units to $3.5 million from the original $2 million target, with proceeds slated for completing an upcoming resource statement and for general corporate and working capital.

The units are priced at $0.09 apiece and consist of one Silver Storm common share and one warrant exercisable to acquire one common share for $0.16 for 36 months from the date of issuance.

First Majestic Silver ( AG ) , Silver Storm's largest shareholder, will buy 16.7-million units in the offering for $1.5 million.

The offering has received conditional approval from the TSX Venture Exchange and is subject to all regulatory approvals, including final approval of the TSXV.

The company has so far raised $1.3 million from the offering.

Silver Storm shares were last seen up $0.01 to $0.10 on the TSX Venture Exchange.

Price: 8.16, Change: +0.09, Percent Change: +1.12