Silver Storm Mining Raises $3.87 Million in Private Placement

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

Silver Storm Mining Ltd. has successfully closed the first tranche of its non-brokered private placement, raising $3.87 million. The proceeds will be used for procurement of mine processing flotation cells, rehabilitation of the La Parrilla processing facility, and other operational and corporate purposes. The offering is still subject to final approval by the TSX Venture Exchange, and the units were issued under specific exemptions to Canadian and U.S. purchasers.

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. The company owns the La Parrilla Silver Mine Complex, which includes a 2,000 tpd mill, five underground mines, and an open pit, having produced 34.3 million silver-equivalent ounces between 2005 and 2019. Additionally, Silver Storm holds a 100% interest in the San Diego Project, one of the largest undeveloped silver assets in Mexico.

Average Trading Volume: 1,427,633

Technical Sentiment Signal: Sell

Current Market Cap: C$77.33M

For an in-depth examination of SVRS stock, go to TipRanks’ Overview page.