Silver Storm Completes C$12 Million Financing to Enhance Operations

Golden Tag Resources ( (TSE:SVRS) ) has shared an announcement.

Silver Storm Mining Ltd. has successfully closed the final tranche of its brokered private placement, raising a total of C$12,012,000 through the sale of 92,400,000 units. The proceeds will be used to procure mine processing equipment, rehabilitate the La Parrilla processing facility, and support ongoing operations and corporate purposes. This financing is expected to bolster Silver Storm’s operational capabilities and strengthen its position in the silver mining industry.

Spark’s Take on TSE:SVRS Stock

According to Spark, TipRanks’ AI Analyst, TSE:SVRS is a Underperform.

Golden Tag Resources faces significant financial challenges, typical of a pre-revenue mining exploration company. While technical indicators suggest a neutral outlook, the valuation remains unattractive due to the lack of profitability. The recent private placement announcement is a positive development, providing potential financial stability. However, overall risks remain high due to financial instability and lack of revenue.

To see Spark’s full report on TSE:SVRS stock, click here.

More about Golden Tag Resources

Silver Storm Mining Ltd. is a company focused on advanced-stage silver projects in Durango, Mexico. It acquired the La Parrilla Silver Mine Complex, a past-producing operation with a 2,000 tpd mill, five underground mines, and an open pit that produced 34.3 million silver-equivalent ounces from 2005 to 2019. The company also holds a 100% interest in the San Diego Project, one of the largest undeveloped silver assets in Mexico.

Average Trading Volume: 934,256

Technical Sentiment Signal: Sell

Current Market Cap: C$62.75M

For detailed information about SVRS stock, go to TipRanks’ Stock Analysis page.