Silver Storm Mining Ltd. has closed the second and final tranche of its non-brokered private placement, raising $6,375,000 in gross proceeds through the issuance of 12,750,000 units priced at $0.50 each.

With this final closing, Silver Storm has issued a total of 42,000,000 units across both tranches, securing aggregate gross proceeds of $21,000,000 for its operations in Durango State, Mexico. Each unit consists of one common share and one-half of a common share purchase warrant, with whole warrants exercisable at $0.70 for 18 months following the closing date. All securities issued under the placement are subject to a four-month and one-day hold period.

In connection with the second tranche, the company paid cash finders' fees totaling $136,918.50, representing 3.0% of the proceeds raised from investors introduced by eligible participants, including Canaccord Genuity Corp., Research Capital Corp., Haywood Securities Inc., Leede Financial Inc., and Harbourfront Wealth Management Inc. The offering received conditional approval from the TSX Venture Exchange.

Silver Storm intends to apply the net proceeds from the financing to fund surface and underground drilling programs at the La Parrilla Silver Mine Complex, alongside general corporate and working capital requirements. The drilling plans tie into permits issued by SEMARNAT, which authorize surface work across 24 sites at the La Ilusion - Argenis target and 32 sites at the 14 Marcos and Rosarios - C340 West Extension targets.

The financing builds on earlier funding steps that included a US$5.0 million loan from First Majestic and the commencement of hot commissioning on the La Parrilla sulphide circuit to support the operational restart of the 2,000 tonnes-per-day mill and three underground mines.

Activity across the wider district includes Sierra Madre Gold and Silver Ltd. closing its acquisition of the Del Toro silver mine from First Majestic Silver Corp. for up to US$60 million.

Read the full announcement: Silver Storm Closes Second and Final Tranche of Non-Brokered Private Placement for Aggregate Gross Proceeds of $21.0 Million