Surge Battery closes $5-million private placement

Executive Summary

• Surge Battery Metals Inc. closed a fully‑subscribed non‑brokered private placement, issuing 20 million units at $0.25 per unit and raising $5 million in gross proceeds.
• Each unit includes one common share and one warrant to purchase an additional share at $0.40 exercisable through 8 Oct 2028; finders’ warrants were also issued with a four‑month hold period.
• Net proceeds are earmarked for general working capital and to fund exploration of the Nevada North lithium project through prefeasibility and bankable feasibility study stages.

Key Details

• Units Issued: 20,000,000 units at $0.25 per unit → Gross proceeds: $5,000,000.
• Unit Composition: 1 common share + 1 common‑share purchase warrant (exercise price $0.40, exercisable until 8 Oct 2028).
• Finder Compensation: $264,650 paid in cash; issuance of 1,058,600 finder’s warrants (each for one common share at $0.25, exercisable until 8 Oct 2028).
• Hold Period on Finder’s Warrants & Underlying Shares: Four months, expiring 9 Feb 2026.
• Use of Net Proceeds: General working capital; financing exploration activities for the Nevada North lithium project through prefeasibility and bankable feasibility study phases.
• Regulatory Basis: Listed issuer financing exemption under Part 5A of NI 45‑106 (Prospectus Exemptions); shares and warrants are free‑trading.
• Documentation: Amended and restated offering document filed 7 Oct 2025, available on SEDAR+ and the company website.

Notable Quotes

(No executive quotes provided in the release.)