I too have had similar problems with 'waterproof' lighters. The Solos Storm ones I have are definitely not waterproof despite the rubber gasket o-ring. The latch just doesn't come done snug enough.
Anyways, I have decided to forgo the ability of lighters to survive a dunking and be waterproof. I just pack a few bics in a ziploc or rely on the trusty old spark lite or ranger rick type fire starters.
And also save the money to buy a $2 compass as well.. ...
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Trusbx