Sprott Doubles Down on Silver Storm with $7.5M Investment
Silver Storm Mining's shares surged by approximately 8.6% on Monday to €0.3555, driven by a combination of rising global silver prices and a significant investment from billionaire Eric Sprott.
The C$7.5 million private placement, subscribed fully by Sprott through his vehicle 2176423 Ontario Ltd., will strengthen the company's balance sheet and accelerate the recommencement of operations at La Parrilla, its wholly-owned silver mine complex in Durango, Mexico.
The investment doubles Sprott's ownership stake from about 11.6% to an unspecified level, pending regulatory approvals expected to close on Tuesday.
La Parrilla has already seen significant progress, with the company shipping its first lead-silver and zinc concentrates following the commissioning of a refurbished sulphide processing circuit in August.