Surge Battery Metals has fully subscribed financing

Executive Summary

• Surge Battery Metals announced that its non‑brokered private placement of up to 20 million units at $0.25 per unit is fully subscribed, generating aggregate gross proceeds of $5 million.
• Each unit consists of one common share and one warrant (exercise price $0.40, three‑year term); the financing supports the company’s joint‑venture agreement with Evolution Mining Ltd. on the Nevada North lithium project and provides working‑capital flexibility.
• Closing is expected around October 7, 2025, subject to TSX Venture Exchange approval and customary conditions.

Key Details

• Offering size: Up to 20 million units (each = 1 common share + 1 warrant).
• Price per unit: $0.25 → total gross proceeds of $5 million.
• Warrant terms: Right to purchase one additional common share at $0.40 per share, exercisable for three years from issuance.
• Financial adviser: 3L Capital Inc. acting as financial adviser to the transaction.
• Closing date: On or about October 7, 2025, subject to TSX Venture Exchange approval and other closing conditions.
• Use of proceeds:
• Fund near‑term commitments under the joint‑venture with Evolution Mining Ltd. for the Nevada North lithium project.
• Advance exploration and development activities at Nevada North.
• Strengthen balance sheet and provide working‑capital flexibility for ongoing discussions with Evolution and pursuit of additional projects.
• Finder’s fees/warrants: Company may pay finder’s fees and issue finder’s warrants in accordance with applicable securities laws and TSX Venture Exchange rules.

Notable Quotes

(No direct quotes were provided in the release.)