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TORONTO — Silver Storm Mining Ltd.Silver Storm“or”Company“) (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR ) announced that its lead regulator, the British Columbia Securities Commission (“BCSC“), has granted an extension to the existing trade cessation management until July 30, 2024 (in “MCTO“) from September 27, 2024 to October 11, 2024. MCTO is granted due to the delay in the submission of annual financial statements, management discussion and analysis and certification of related officers for the financial year ending March 31, 2024 (collectively, in”Annual filing“) with a submission deadline of July 29, 2024 (“Filing Deadline“).
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As a result of the delay in filing the Annual Filings, the Company was unable to file the unaudited interim financial statements, related management discussion and analysis and certification of the CEO and CFO for the three months ending June 30, 2024 (“Interim Submission“, and together with the Annual Filings, in “Required documents“). Pursuant to National Instrument 51-102, the Required Interim Filing must be made no later than August 29, 2024.
As previously disclosed, due to certain complexities related to the acquisition of La Parrilla’s assets, the accounting and audit process remains ongoing at this time. The BCSC has given the Company until October 11, 2024 to complete its Annual Filing. The Company expects the Interim Filing to be filed within five business days after the Annual Filing is completed. The MCTO restricts the Chief Executive Officer and Chief Financial Officer from trading the Company’s securities but does not affect the ability of other shareholders, including the public, to trade the Company’s securities.
The Company confirms that, except as stated above, there has been no material change in the information contained in the press release issued by the Company on July 30, 2024. In addition, (i) The Company is satisfied and confirms that it intends to continue to comply with the provisions Alternative Information Guidelines established in NP 12-203, including publishing a bi-weekly standard status report in the form of a news release, as long as the Company remains in standard with the Required Documents; (ii) The Company does not have any information at this time about certain anticipated defaults after default in filing the Required Documents; (iii) The Company confirms at the date of release of this news, that there is no insolvency proceeding against; and (iv) no other material information about the affairs of the Company that has not been publicly disclosed.
Information about the company Silver Storm Mining Ltd.
Silver Storm Mining Ltd. holds an advanced stage silver project located in Durango, Mexico. Silver Storm recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a productive operation consisting of a 2,000 tpd mill as well as five underground and open pit mines that collectively produced 34.3 million silver equivalent ounces between 2005 and 2019. The Company also has interests 100% in the San Diego Project, which is one of the largest undeveloped silver assets in Mexico. For more information about the Company and its projects, visit our website at www.silverstorm.ca.
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Neither the TSXV nor the Regulatory Service Provider (as those terms are defined in TSXV policy) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Caution Regarding Forward Looking Statements:
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of the term ‘forward-looking information’ in National Instrument 51-102 Canadian Securities Administrators – Continuous Disclosure Obligations. Forward-looking statements do not include historical facts. Forward-looking statements include forecasts and statements that describe the Company’s plans, goals, or objectives in the future, including words to the effect that the Company or management expects to occur. Forward-looking statements can be identified by terms such as “believe”, “anticipate”, “expect”, “estimate”, “may”, “could”, “will”, “will”, or “plan”. Because forward-looking statements are based on assumptions and deal with future events and conditions, by their nature, they involve risks and uncertainties. Although these statements are based on information currently available to the Company, the Company gives no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors related to forward-looking information may cause actual events, results, performance, prospects and opportunities to differ materially from those indicated or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, MCTO and related expectations.
In making the forward-looking statements included in this news release, the Company has adopted a number of material assumptions, including that the Company’s financial condition and development plans will not change due to unforeseen events. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s ability to control or predict, which could cause the Company’s actual results, performance or achievements to differ materially. from what is shown. or provided thereby, and developed based on assumptions about the risks, uncertainties and other factors mentioned herein, including, but not limited to, the risk that the Company is unable to achieve its goal of returning La Parrilla to production; market conditions and volatility and global economic conditions including increased volatility and potentially negative capital raising conditions resulting from the continuation or escalation of the COVID-19 pandemic, the risk of delays and/or cessation of planning work or changes in the Company’s financial situation and development plans. labor relations; relations with and claims by local communities and indigenous populations; the availability and increasing costs associated with mining inputs and labor, the speculative nature of mineral exploration and development, including the risk of obtaining the necessary licenses and permits and the existence of laws and regulations that may impose mining restrictions, including Mexican mining reforms; risks related to environmental regulations and liabilities; the possibility of results not being consistent with the Company’s expectations; risks related to the completion of the annual audit in a timely manner.
Such forward-looking information represents the best judgment based on the information currently available. No forward-looking statements can be guaranteed, and actual future results may differ. Therefore, readers are advised not to place undue reliance on forward-looking statements or information.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20240927360466/en/
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For additional information, please contact:
Greg McKenzie, President & CEO
Phone: +1 (416) 504-2024
info@silverstorm.ca
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