Storm Revises Miminiska & Keezhik Option Agreement

Vancouver, BC / ACCESSWIRE / August 19, 2024 / Storm Exploration Inc. (TSX-V:STRM) has extended the payment dates under its Option Agreement with Landore Resources Canada Inc. by up to 18 months. This agreement concerns Storm’s acquisition of a 100% interest in the Miminiska and Keezhik properties.

The revised payment schedule includes a series of cash and convertible cash payments, where Storm can choose to make convertible payments in cash or shares. These shares will be subject to a pooling arrangement and gradually released over two years. Additionally, if Landore controls 10% or more of Storm's issued shares, it will gain the right to appoint a director to Storm’s Board, contingent on TSXV acceptance.

Bruce Counts, Storm’s President and CEO, expressed gratitude to Landore for revising the terms favorably for investors while maintaining value for Landore. Located within the Eabametoong First Nation territory, Storm's primary focus is the Miminiska property, which boasts high-grade gold mineralization.

The company plans to announce new financing for a drill program aiming to expand the known mineralization at the Miminiska prospect in the coming days.