Storm Exploration Inc. to Launch $300,000 Non-Brokered Private Placement

Storm Exploration Inc. (TSX-V:STRM) announced its plans for a non-brokered private placement aiming to raise up to $300,000, contingent upon TSX Venture Exchange approval. This capital raise will consist of units priced at $0.05 each, comprising one common share and a half warrant, with each whole warrant enabling the purchase of an additional share at $0.075 for three years post-issuance.

No minimum target sets for the offering, which can raise up to a maximum of $300,000. This offering could result in the issuance of up to 6,000,000 common shares and 3,000,000 Warrants. The funds raised are earmarked for general company working capital. Oversubscription of the offer is a possibility, with the company holding discretion over subscription acceptances.

The placement offers exemptions to various types of investors, including accredited investors, family, close friends, business associates of the company’s directors and officers, and, notably, existing shareholders as of March 8, 2024. Such investors have stipulations to follow, including a limit on investment unless advised by a registered investment dealer.

All securities issued will adhere to hold periods as per United States and Canadian laws. Importantly, the securities have not been registered under the U.S. Securities Act, implying they are subject to restrictions on their sale within the United States.

The company also noted potential participation from its insiders in the offering and mentioned the possibility of finder's fees for investor referrals, pending Exchange approval.