Storm Exploration Inc. has completed its non-brokered private placement, raising $3.2 million in gross proceeds through the issuance of eight million units priced at $0.40 each to fund upcoming exploration drilling at its Gold Standard project.

The financing secures a major ownership stake for investor Eric Sprott, who subscribed for five million units through a beneficially owned corporation for an aggregate investment of $2 million. That participation expands his holdings to 5,763,000 common shares and 2.5 million warrants, representing approximately 15.8% of the company's outstanding shares on a non-diluted basis. On a partially diluted basis, assuming the exercise of his warrants, his stake reaches 19.99% under a control person blocker clause, or 21.2% if the blocker is removed.

Each unit in the offering consists of one common share and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share at $0.55 for two years from closing. All securities issued under the offering are subject to a hold period until January 15, 2027.

In connection with the placement, Storm paid $24,000 in cash and issued 135,000 finder's warrants on the same terms as the primary offering.

Net proceeds are earmarked to fund exploration drilling at the 100% owned Gold Standard project in northwestern Ontario, alongside working capital purposes. The property hosts a five-kilometre-long volcanogenic massive sulphide target defined by electromagnetic anomalies and historical drilling completed by Inco in 1969 and 1970, with the company expecting to commence up to 3,000 metres of drilling at the site during the third quarter of 2026.

Read the full announcement: Storm Closes Oversubscribed $3.2M Private Placement