Storm Exploration Announces Shares for Debt Transaction
40638.164008.NNH1.24940536.3
News Release
March 20, 2024
TSX-V: STRM
Storm Exploration Announces Shares for Debt Transaction
Vancouver, B.C., March 20, 2024 – Storm Exploration Inc. (TSX-V: STRM) (“Storm” or the
“Company”) today announced that it has completed its previously announced Shares for Debt
transaction and settled an amended aggregate of $210,000 of indebtedness (the “ Debt”)
owed to certain arm’s length and non-arm’s length creditors through the issuance of an
aggregate of 4,200,000 common shares at a deemed price of $0.05 per common share.
The insider portion of the debt settlement being an aggregate of $160,000 indebtedness is
exempt from the valuation and minority shareholder approval requirements of Multilateral
Instrument 61-101 (“MI 61-101”) by virtue of the exemptions contained in sections 5.5(a)
and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities
of the Company to be issued to insiders does not exceed 25% of its market capitalization. All
common shares issued to settle the Debt are subject to a hold period of four months and one
day from the date of issuance.
About Storm Exploration Inc.
Storm Exploration Inc. is a Canadian mineral exploration company focused on the discovery
and development of economic precious and base metal deposits on five district-scale projects
in Canada: Miminiska, Toogood, Keezhik, Attwood and Gold Standard.
For further information, please contact:
Storm Exploration Inc.
+1 (604) 506-2804
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS:
This news release includes certain “forward -looking information” and “forward -looking
statements” (collectively, “forward -looking statements”) within the meaning of applicable
Canadian and United States securities legislation. Forward -looking statements in clude:
predictions, projections, outlook, guidance, estimates and forecasts and other statements
regarding the Transaction, including the terms, timing and completion thereof. Forward -
looking statements are often, but not always, identified by the use of w ords such as “seek”,
“anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”,
“target”, “schedule”, “budget” and “intend” and statements that an event or result “may”,
“will”, “should”, “could”, “would” or “might” occur or be achieved and other similar expressions
and includes the negatives thereof. All statements other than statements of historical fact
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included in this news release, are forward -looking statements that involve various risks and
uncertainties and there can be no assurance that such statements will prove to be accurate
and actual results and future events , including, among other things, completion of the
Transaction on the terms or on the timeline as announced or at all, results of exploration,
project development, reclamation and capital costs of Storm’s mineral properties, and
financial condition and pro spects, could differ materially from those currently anticipated in
such statements for, could differ materially from those anticipated in such statements for
many reasons such as: an inability to complete the agreement on the terms as announced or
at all; changes in general economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative, envir onmental and other
judicial, regulatory, political and competitive developments; technological and operational
difficulties encountered in connection with Storm’s activities; and other matters discussed in
this news release and in filings made with securities regulators. This list is not exhaustive of
the factors that may affect any of Storm’s forward-looking statements.
The Company’s forward -looking statements are based on the opinions and estimates of
management and reflect their current expectations regarding future events and operating
performance and speak only as of the date such statements are made. Although the Company
has attempted to identify important factors that could cause actual actions, events or results
to differ from those described in forward - looking statements. Storm does not assume any
obligation to update forward -looking statements if circumstances or management’s beliefs,
expectations or opinions should change other than as required by applicable law. There can
be no assurance that forward -looking statements will prove to be accurate and accordingly
readers are cautioned not to place undue reliance on forward-looking statements.