Storm Exploration Secures $402,500 in Private Placement

Storm Exploration Inc., based in Vancouver, has announced the successful closing of a first tranche of its non-brokered private placement, securing gross proceeds of $402,500. The transaction awaits final approval from the TSX Venture Exchange. This offering, initially disclosed in September, includes units priced at $0.05 and flow-through units priced at $0.06.

The company issued 8,050,000 units, incurring cash finders' fees of $14,400. Additionally, 288,000 warrants were granted to finders, permitting the purchase of an equivalent number of common shares. Proceeds will support projects in northern Ontario and general capital needs.

One related party participated by acquiring 250,000 units, an action deemed a related party transaction under MI 61-101. Exemptions were applied to bypass certain formal requirements.