Surge Battery Metals arranges $15-million LIFE offering

Executive Summary

• Surge Battery Metals Inc. announced a $15 million non-brokered private placement (LIFE offering) of units priced at $0.90 per unit, raising aggregate gross proceeds of $15,000,030.
• The proceeds will be used to fund preliminary feasibility studies, definitive feasibility studies, and general working capital for the Nevada North lithium project.
• The offering consists of common shares and warrants, with closing expected on or about February 3, 2026, subject to TSX-V approval.

Key Details

• Transaction Structure: Non-brokered private placement under the Listed Issuer Financing Exemption (LIFE).
• Price: $0.90 per unit.
• Gross Proceeds: $15,000,030.
• Units Issued: 16,666,700 offered units.
• Unit Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms:
  • Each warrant entitles the holder to acquire one common share.
  • Exercise Price: $1.35 per share.
  • Exercise Period: Commencing 60 days after issuance and expiring three years from the date of issuance.
• Use of Proceeds:
  • Additional costs related to the preliminary feasibility study for the Nevada North lithium project.
  • Costs for a definitive feasibility study for the project.
  • General working capital.
• Advisers: 3L Capital Inc. is acting as the financial adviser.
• Finders' Fees:
  • Cash commissions of up to 6% of gross proceeds raised from purchasers introduced by eligible finders.
  • Finder warrants equal to up to 6% of the aggregate number of offered units sold to purchasers introduced by eligible finders.
  • Finder warrant exercise price: $1.35 per share, exercisable for 36 months following issuance.
• Regulatory Status:
  • Securities are not subject to a statutory hold period under applicable Canadian securities laws.
  • Closing is subject to approval by the TSX Venture Exchange (TSX-V).
  • Expected closing date: On or about February 3, 2026.

Notable Quotes

• "This financing represents a significant vote of confidence in Surge's strategy and in the continued advancement of our Nevada North lithium project. The LIFE structure allows us to broaden participation among Canadian investors while strengthening our balance sheet at a critical stage of project development. With these funds, the company is well positioned to aggressively advance exploration and technical work as we continue building a leading domestic lithium platform in Nevada." — Graham Harris, Chairman of Surge Battery Metals