Goldstorm Metals Announces Skeena Resources Participation In Recent Private Placement And Reports On Its 2022 Reconnaissance Program Conducted At The Crown Property, Golden Triangle B.C.
VANCOUVER, B.C., November 17, 2022 – Goldstorm Metals Corp. (TSXV: GSTM) (“Goldstorm” or the “Company”) is pleased to report that Skeena Resources Limited (“Skeena”) recently participated in the Company’s non-brokered private placement totaling $3.9 million which closed on October 28th, 2022 (the "Financing").
Skeena acquired 6,352,898 units of Goldstorm at $0.26 per unit for $1,652,000, representing approximately 9.9% of Goldstorm’s total issued and outstanding shares. Pursuant to a letter agreement executed in connection with the Financing, Skeena has the right to participate in the Company’s future financings to such an extent as is necessary to maintain its pro rata ownership interest in Goldstorm, so long as Skeena continues to hold at least five percent (5%) of Goldstorm's issued and outstanding shares on a partially diluted basis assuming the conversion of any securities convertible into common shares of the Company issued in connection with the applicable financing.
Ken Konkin, President & CEO of Goldstorm stated, “This significant equity investment by Skeena, one of the Golden Triangle’s most successful gold project development companies, is a strong endorsement of Goldstorm's Crown Project. Despite the recent turbulence in the financial markets, this is a very exciting time for the Company as we set out to advance these strategic concessions which are located near Seabridge’s KSM porphyry deposits and Newcrest’s Brucejack high-grade gold mine.”
2022 Exploration Review and Corporate Mandate
During 2022, geological field crews completed extensive mapping and sampling programs of the 100% owned Electrum and Crown Properties. The focus of the reconnaissance program was to identify multiple drill targets for future exploration programs. Geologists are expected to complete a compilation study this winter once all assay results are received. The goal is to identify and drill-test the most prospective geological targets that host precious and base-metal mineralization. Goldstorm’s mandate is to fast-track exploration on numerous properties throughout the Golden Triangle geological belt. The Company looks forward to reviewing projects that have the potential to host large precious and base metal targets.