Surge Battery Metals Announces Closing of Upsized Private Placement for Gross Proceeds of $36 Million
Surge Battery secures $36m in upsized financing to fast-track its Nevada North lithium project to a final construction decision.
Surge Battery Metals Inc. (NILI) has closed an upsized non-brokered private placement, raising $36.0 million in gross proceeds. The offering consisted of 60,000,000 units priced at $0.60 per unit, with each unit including a warrant exercisable at $0.90 per share for three years. The transaction is subject to final TSX Venture Exchange acceptance and carries a standard four-month-and-one-day hold period.
Proceeds from the offering will fully fund the advancement of the Nevada North Lithium Project to a construction decision and support general working capital. The company’s cash position is now approximately $75 million, bolstered by recent warrant exercises. Insiders purchased 1,480,000 units for $888,000, and strategic advisors Brian Paes-Braga and Michael Hess were added to a new Strategic Advisory Board.
Surge Battery Metals Inc. (NILI) has closed the financing announced on June 3, 2026, upsizing the deal from $30 million to $36 million. The transaction provides a cash buffer and fully de-risks the immediate development path by funding the Pre-Feasibility Study (PFS) through to a construction decision.
The capital raise was priced at $0.60 per share, which is below the recent trading range of $0.68 to $0.76. The company also appointed strategic advisors to the transaction.
Surge Battery Metals Inc. (NILI) is a Canadian exploration and development company focused on the Nevada North Lithium Project (NNLP) in Elko County, Nevada. The project is advanced through a joint venture with Evolution Mining Limited, which holds a 29.46% stake after contributing up to $10 million toward the Preliminary Feasibility Study (PFS).
The NNLP features a pit-constrained Measured & Indicated resource of 10.51 million tonnes of Lithium Carbonate Equivalent (LCE) grading 3,007 ppm Li. A Preliminary Economic Assessment (PEA) reports an after-tax NPV8% of US $9.17 billion and an after-tax IRR of 22.8% at $24,000/t LCE, with a projected 42-year mine life. The company is actively optimizing its flowsheet, achieving greater than 93% lithium extraction rates in recent metallurgical testing.