Surge Battery arranges $5-million private placement

Executive Summary

• Surge Battery Metals Inc. announced a non‑brokered private placement of units at $0.25 per unit, targeting gross proceeds between $4 million and $5 million.
• Each unit consists of one common share and one warrant to purchase an additional share at $0.40 for three years; finders’ fees up to 7% of proceeds may be paid in cash and warrants.
• Proceeds will fund near‑term obligations under the newly signed letter of intent with Evolution Mining Ltd. for a joint venture on the Nevada North lithium project and support ongoing exploration, development, and balance‑sheet strengthening.

Key Details

• Offering Size: Minimum $4 million (16 M units) – Maximum $5 million (20 M units).
• Unit Composition: 1 common share + 1 warrant per unit.
• Warrant Terms: Exercise price $0.40 per share; exercisable for three years from issuance.
• Financial Adviser: 3L Capital Inc. acting as adviser to the transaction.
• Use of Proceeds:
• Satisfy near‑term funding commitments under the Evolution Mining joint‑venture agreement (Nevada North lithium project).
• Advance exploration and development activities at Nevada North.
• Strengthen balance sheet and provide working‑capital flexibility for further project opportunities.
• Finders’ Fees: Up to 7% of gross proceeds in cash commissions plus up to 7% of offered units in finder warrants (exercise price $0.25 per share, exercisable for 36 months).
• Closing Condition: Subject to approval by the TSX Venture Exchange.

Notable Quotes

“We are pleased to announce this financing to fulfill our obligation under the terms of the JV with Evolution Mining. We continue to receive critical support from key stakeholders and wish to thank them and 3L Capital for their commitment to supporting the next phase of development at the Nevada North lithium project.” – Graham Harris, Chairman and Director.