On October 28, 2022, Goldstorm Metals Corp. closed the non-brokered private placement transaction. The company amended the terms of the transaction.

The company raise total proceeds of CAD 3,900,000.12. The company issued 10,800,812 non-flow-through units at a price of CAD 0.26 per unit for gross proceeds of CAD $2,808,211.12; 327,500 flow-through units at a price of CAD 0.31 per unit for gross proceeds of CAD 101,525; and 3,194,400 flow-through subscription receipts of the company at a price of CAD 0.31 per unit for gross proceeds of CAD 990,264. Each non-flow through unit consists of one common share and one common share purchase warrant.

Each flow-through unit consists of one common share and one common share purchase warrant. Each flow-through subscription receipts consists of one common share and one common share purchase warrant. Each subscription receipt which will entitle the holder thereof, without payment of any additional consideration and without further action on the part of the holder, to receive one flow-through unit of the company.

Each warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of $0.60 for a period of two years from the date of issuance of the warrants. The transaction included participation from Skeena Resources Limited 6,352,898 units at CAD 0.26 per unit for CAD 1,652,000, representing approximately 9.9% of company total issued and outstanding shares. Pursuant to a letter agreement executed in connection with the financing, Skeena has the right to participate in the Company's future financings to such an extent as is necessary to maintain its pro rata ownership interest in company, so long as Skeena continues to hold at least five percent of company issued and outstanding shares on a partially diluted basis assuming the conversion of any securities convertible into common shares of the Company issued in connection with the applicable financing.