Surface Metals Inc. Announces Private Placement Financing

Executive Summary

• Surface Metals Inc. announced a non‑brokered private placement of up to 4,000,000 units at $0.20 CAD per unit, targeting gross proceeds of up to $800,000 CAD.
• Each unit consists of one common share and half of a transferable warrant; the full warrant allows purchase of an additional share at $0.40 CAD for two years after closing.
• Proceeds will fund exploration at the Cimarron Gold project and support ongoing maintenance/development of the Clayton and Fish Lake Valley lithium‑brine projects, plus general working capital.

Key Details

• Offering Size: Up to 4,000,000 units (maximum $800,000 CAD).
• Unit Composition: 1 common share + ½ transferable common share purchase warrant.
• Warrant Terms: Whole warrant permits purchase of one additional common share at $0.40 CAD; exercisable for two years from the closing date.
• Price per Unit: $0.20 CAD.
• Use of Proceeds:
• Exploration funding for the Cimarron Gold project (Nevada).
• Maintenance and development of Clayton Lake Valley lithium‑brine project (Nevada).
• Development of Fish Lake Valley lithium‑brine project (Nevada).
• General working capital.
• Finder’s Fees: May be paid in cash and/or warrants on some or all of the units.
• Holding Period: All securities issued are subject to a four‑month‑plus‑one‑day hold period under Canadian securities law.

Notable Quotes

(No direct quotes were provided in the release.)