Star Metro - Storm Exploration Completes Debt Settlement

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Storm Exploration Completes Debt Settlement

THINGS TO KNOW 16.05.2025

Storm Exploration Completes Debt Settlement

VANCOUVER, BC / ACCESS Newswire / May 16, 2025 / Storm Exploration Inc. (TSXV:STRM) (the "Company") today announced that further to its news release dated April 17, 2025, it has settled an aggregate of $351,987 in outstanding debt (the "Debt Settlement") which included accrued management fees owing to a company controlled by a director and officer of the Company, and accrued management fees to an officer of the Company. In connection with the Debt Settlement, the Company issued an aggregate of 7,039,742 common shares (the "Shares") of the Company at a price of $0.05 per Share. All securities issued in connection with the Debt Settlement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

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The portion of the Debt Settlement with the insider creditors of the Company (being a total of $81,500) constitute related party transactions for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), but the Company is relying on the exemption from the formal valuation requirement in MI 61-101 provided under section 5.5(b) of MI 61-101 on the basis that the Company's shares are not listed on any of the specified markets listed in MI 61-101. The debt settlement with insiders are also exempt from the majority of the minority approval requirement in MI 61-101 under section 5.7(1)(b) of MI 61-101 on the basis that the fair market value of the insiders' debt settlement is less than $2.5 million and the debt settlement with insiders were approved by all of the independent directors of the Company.

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 four district-scale projects in northwest Ontario: Miminiska, Keezhik, Attwood and Gold Standard.

For further information, please contact:

Storm Exploration Inc.
+1 (604) 506-2804
[email protected]

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.

Forward Looking Information

This news release may contain certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

SOURCE: Storm Exploration Inc.

View the original press release on ACCESS Newswire

A.Landry--SMC

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