Skeena, Finger invest in Goldstorm Metals

Skeena, Finger invest in Goldstorm Metals

Skeena Resources Ltd. [SKE-TSX, NYSE] has emerged as significant shareholder of newly-listed Goldstorm Metals Corp [GSTM-TSXV], alongside Goldstorm director Helmut Finger.

Finger’s 21.3% interest has been disclosed after it was announced that Skeena holds a 9.9% stake in Goldstorm after participating in a non-brokered private placement that raised $3.9 million.

These announcements come after it was revealed last week that Eric Sprott holds shares and warrants representing 13.7% of the outstanding Goldstorm shares on a non-diluted basis.

Goldstorm is a spin out company that was set up to hold Tudor Gold Corp.s’ [TUD-TSXV, TUC-Frankfurt] 100% interest in six contiguous mineral properties located in British Columbia’s Golden Triangle region, to the south of Tudors flagship Treaty Creek project. These assets are collectively known as the Crown property.

The purpose of the spinout arrangement was to reorganize Tudor into two separate publicly traded companies, allowing Tudor to focus on its Treaty Creek project.

Goldstorm will focus on the Crown property, which consists of six contiguous mineral properties known as Mackie East, Mackie West, Fairweather, High North, Delta and Orion, plus the mineral property known as Electrum.

The Crown Project covers 16,469 hectares and is situated directly south of Seabridge Gold Inc.’s [SEA-TSX, SA-NYSE] KSM property and the Newcrest Mining Limited [NCM-TSX] Brucejack gold mine.

Geological field crews have been working to identify multiple drill targets for future exploration programs on the Crown property. This is in keeping with Goldstorm’s mandate to fast-track exploration on numerous properties throughout the Golden Triangle geological belt.

“This significant equity investment by Skeena, one of the Golden Triangle’s most successfully gold project development companies, is a strong endorsement of Goldstorm’s Crown Project,’’ said Goldstorm President and CEO Ken Konkin.

Finger’s holdings were disclosed after the close of trading on November 17, 2022, when Goldstorm shares closed at 36 cents after rising 28% or $0.08 on volume of 263,750.

Finger has personally acquired 75,300 common shares of Goldstorm, and has acquired control and direction over 13.6 million shares held by Tudor Holdings Ltd., through Tudor Voting Trust, the sold shareholder of Tudor Holdings.

The shares were acquired by Finger and Tudor Holdings via Tudor Gold’s spinout transaction. He acquired control and direction over the shares held by Tudor Holdings under the Voting Trust due to his role as an “advisor” under the Voting Trust.

Immediately prior to the spinout transaction, Finger personally owned 800,000 options to purchase shares. He now personally owns and controls 75,300 shares and 800,000 options, and holds decision-making authority over 13.6 million shares, representing 21.3% of Goldstorm’s issued and outstanding shares on a non-diluted basis or 22.2% on a partially diluted basis.

His aggregate security holding percentage in the shares has increased from 0% to 21.3% on a non-diluted basis, from 6.71% to 22.23% on a partially-diluted basis.