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Silver Storm Announces Issuance of Cease Trade Order, Anticipated Date of Annual Filings and Trading on the OTC Pink Market

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Silver Storm Mining (TSX.V: SVRS | OTC Pink: SVRSF | FSE: SVR) announces that the British Columbia Securities Commission has issued a failure to file cease trade order (CTO) due to the company's delay in filing its annual and interim financial statements for the periods ending March 31, 2024, and June 30, 2024, respectively. The delay is attributed to complexities associated with the La Parrilla assets acquisition. Silver Storm expects to complete the Annual Filings by October 24, 2024, with Interim Filings following within five business days.

The CTO replaces a previous management cease trade order and has led to the suspension of trading on the TSX Venture Exchange. Additionally, the company's listing has been moved from the OTCQB Market to the OTC Pink Open Market. Silver Storm intends to regain its OTCQB listing once the required documents are filed.

Silver Storm Mining (TSX.V: SVRS | OTC Pink: SVRSF | FSE: SVR) annuncia che la Commissione dei Titoli della Columbia Britannica ha emesso un ordine di sospensione del commercio per inadempimento nella presentazione (CTO) a causa del ritardo dell'azienda nella presentazione dei propri bilanci finanziari annuali e intermedi per i periodi che terminano rispettivamente il 31 marzo 2024 e il 30 giugno 2024. Il ritardo è attribuito a complessità associate all'. Silver Storm prevede di completare i bilanci annuali entro il 24 ottobre 2024, con i bilanci intermedi che seguiranno entro cinque giorni lavorativi.

Il CTO sostituisce un precedente ordine di sospensione commerciale e ha portato alla sospensione delle negoziazioni sul TSX Venture Exchange. Inoltre, la quotazione dell'azienda è stata trasferita dal mercato OTCQB al mercato OTC Pink Open. Silver Storm ha l'intenzione di riottenere la sua quotazione OTCQB una volta presentati i documenti richiesti.

Silver Storm Mining (TSX.V: SVRS | OTC Pink: SVRSF | FSE: SVR) anuncia que la Comisión de Valores de Columbia Británica ha emitido una orden de cese de comercio por incumplimiento (CTO) debido al retraso de la empresa en presentar sus estados financieros anuales e intermedios para los períodos que finalizan el 31 de marzo de 2024 y el 30 de junio de 2024, respectivamente. El retraso se atribuye a complejidades asociadas con la adquisición de los activos de La Parrilla. Silver Storm espera completar los informes anuales antes del 24 de octubre de 2024, con los informes intermedios que seguirán dentro de cinco días hábiles.

El CTO reemplaza una orden de cese de comercio anterior y ha llevado a la suspensión de la negociación en el TSX Venture Exchange. Además, la cotización de la empresa ha sido trasladada del mercado OTCQB al mercado OTC Pink Open. Silver Storm tiene la intención de recuperar su cotización OTCQB una vez que se presenten los documentos requeridos.

실버 스톰 마이닝 (TSX.V: SVRS | OTC Pink: SVRSF | FSE: SVR)은 브리티시컬럼비아 증권 위원회가 회사의 연간 및 중간 재무제표 제출 지연으로 인해 제출 실패에 대한 거래 정지 명령 (CTO)을 발표했다고 알렸습니다. 해당 재무제표는 각각 2024년 3월 31일 및 2024년 6월 30일 종료되는 기간에 해당합니다. 이 지연은 라 파릴라 자산의 인수와 관련된 복잡성 때문입니다. 실버 스톰은 2024년 10월 24일까지 연간 보고서를 완료할 것으로 예상하며, 중간 보고서는 5영업일 이내에 제출될 예정입니다.

CTO는 이전의 경영 거래 중지 명령을 대체하며 TSX 벤처 거래소에서의 거래 중단으로 이어졌습니다. 또한, 회사의 목록은 OTCQB 시장에서 OTC Pink Open 시장으로 이전되었습니다. 실버 스톰은 필요한 문서가 제출되면 OTCQB 상장을 재확인할 계획입니다.

Silver Storm Mining (TSX.V: SVRS | OTC Pink: SVRSF | FSE: SVR) annonce que la Commission des Valeurs Mobilières de la Colombie-Britannique a émis un ordre de cessation de négociation pour défaut de dépôt (CTO) en raison du retard de la société dans la soumission de ses états financiers annuels et intermédiaires pour les périodes se terminant le 31 mars 2024 et le 30 juin 2024, respectivement. Ce retard est dû à des complexités liées à l'acquisition des actifs de La Parrilla. Silver Storm s'attend à finaliser les dépôts annuels d'ici le 24 octobre 2024, les dépôts intermédiaires étant effectués dans les cinq jours ouvrables suivants.

Le CTO remplace un précédent ordre de cessation de négociation de la direction et a conduit à la suspension des négociations sur le TSX Venture Exchange. De plus, la cotation de la société a été déplacée du marché OTCQB au marché OTC Pink Open. Silver Storm a l'intention de retrouver son inscription OTCQB une fois les documents requis déposés.

Silver Storm Mining (TSX.V: SVRS | OTC Pink: SVRSF | FSE: SVR) gibt bekannt, dass die Wertpapieraufsichtsbehörde British Columbia eine Handelsaussetzung wegen nicht eingereichter Unterlagen (CTO) verhängt hat, da das Unternehmen bei der Einreichung seiner jahres- und zwischenzeitlichen Finanzberichte für die Enden der Perioden am 31. März 2024 und 30. Juni 2024 in Verzug ist. Die Verzögerung wird auf die Komplexität im Zusammenhang mit der Akquisition der La Parrilla-Vermögenswerte zurückgeführt. Silver Storm erwartet, die Jahresberichterstattung bis zum 24. Oktober 2024 abzuschließen, mit einer Einreichung der Zwischenberichte innerhalb von fünf Werktagen.

Die CTO ersetzt eine frühere Handelsaussetzungsanordnung der Verwaltung und hat zur Aussetzung des Handels an der TSX Venture Exchange geführt. Darüber hinaus wurde die Auflistung des Unternehmens vom OTCQB-Markt auf den OTC Pink Open Market verschoben. Silver Storm beabsichtigt, seine OTCQB-Listing zurückzugewinnen, sobald die erforderlichen Dokumente eingereicht sind.

Positive
  • Company anticipates completing the 2024 audit shortly
  • Expected filing of Annual Filings by October 24, 2024
  • Interim Filings expected within five business days of Annual Filings
  • Company intends to regain OTCQB Market listing after filing Required Documents
Negative
  • Issuance of failure to file cease trade order (CTO) by BCSC
  • Delay in filing annual and interim financial statements
  • Suspension of trading on TSX Venture Exchange
  • Downgrade from OTCQB Market to OTC Pink Open Market

TORONTO--(BUSINESS WIRE)-- Silver Storm Mining Ltd. (“Silver Storm” or the "Company") (TSX.V: SVRS | OTC Pink: SVRSF | FSE: SVR) announces that the British Columbia Securities Commission (the “BCSC”), as the principal regulator of the Company, has issued a failure to file cease trade order (“CTO”) for its failure to file its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024 (collectively, the “Annual Filings”), and its unaudited interim financial statements, related management's discussion and analysis and officer certifications for the three months ended June 30, 2024 (the “Interim Filings”, and together with the Annual Filings, the “Required Documents”).

As previously disclosed, due to certain complexities associated with the acquisition of the La Parrilla assets, the accounting and audit process remains ongoing at this time. The Company continues to work diligently with its auditors to facilitate the completion of the Required Documents. The Company anticipates that the 2024 audit will be completed shortly and expects to make the Annual Filings on or about October 24, 2024. The Company expects the Interim Filings to be filed within five business days of the Annual Filings once completed. The CTO will remain in effect until two full business days following the receipt by the BCSC of all filings the Company is required to make under British Columbia securities law, including the Required Documents.

The BCSC had previously issued a management cease trade order (the "MCTO") against the Company on July 30, 2024, in connection with the delayed filing of the Annual Filings. The CTO revokes and replaces the MCTO. As a result of the CTO, the TSX Venture Exchange (the "Exchange") has suspended trading of the Company's common shares.

The CTO was issued under Multilateral Instrument 11-103 - Failure-To-File Cease Trade Orders In Multiple Jurisdictions and prohibits the trading or purchase by any person or company of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer for as long as the CTO remains in effect; however, the CTO provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of October 15, 2024) insiders or control persons of the Company who may sell securities of the Company if both of the following criteria are met: (a) the sale is made through a foreign organized regulated market, as defined in Section 1.1 of the universal market integrity rules of the Canadian Investment Regulatory Organization; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.

In connection with its delay in completing the Required Documents, the OTC Markets Group has informed the Company that its listing has been moved from the OTCQB Market to the OTC Pink Open Market. The Pink Open Market provides brokers with a regulated platform for transparent trading. Once the Company has filed the Required Documents, the Company intends to regain its listing on the OTCQB Market.

About Silver Storm Mining Ltd.

Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Silver Storm recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico. For more information regarding the Company and its projects, please visit our website at www.silverstorm.ca.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note 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 phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the CTO and expectations relating thereto, and the Company’s intention to regain its listing on the OTCQB Market.

In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including that the Company´s financial condition and development plans do not change because of unforeseen events. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk that the Company is unable to achieve its goal of placing La Parrilla back into production; market conditions and volatility and global economic conditions including increased volatility and potentially negative capital raising conditions resulting from the continued or escalation of the COVID-19 pandemic, risk of delay and/or cessation in planned work or changes in the Company’s financial condition and development plans employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour, the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits and the presence of laws and regulations that may impose restrictions on mining, including the Mexican mining reforms; risks relating to environmental regulation and liability; the possibility that results will not be consistent with the Company’s expectations; risks relating to completion of the annual audit in a timely manner.

Such forward-looking information represents best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For additional information, please contact:

Greg McKenzie, President & CEO

Ph: +1 (416) 504-2024

info@silverstorm.ca

Source: Silver Storm Mining Ltd.

FAQ

Why was a cease trade order issued for Silver Storm Mining (SVRSF)?

A cease trade order was issued for Silver Storm Mining (SVRSF) due to the company's failure to file its annual and interim financial statements for the periods ending March 31, 2024, and June 30, 2024, respectively. The delay is attributed to complexities associated with the La Parrilla assets acquisition.

When does Silver Storm Mining (SVRSF) expect to file its Annual Filings?

Silver Storm Mining (SVRSF) expects to file its Annual Filings on or about October 24, 2024. The company anticipates that the 2024 audit will be completed shortly.

How has the cease trade order affected Silver Storm Mining's (SVRSF) stock trading?

The cease trade order has led to the suspension of Silver Storm Mining's (SVRSF) stock trading on the TSX Venture Exchange. Additionally, the company's listing has been moved from the OTCQB Market to the OTC Pink Open Market.

What are Silver Storm Mining's (SVRSF) plans after filing the required documents?

After filing the required documents, Silver Storm Mining (SVRSF) intends to regain its listing on the OTCQB Market. The company is working diligently with its auditors to complete the necessary filings.

SILVER STORM MINING LTD

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