Surge Battery Metals Announces Clarification on Previously Announced Non-Brokered LIFE Offering

Executive Summary

• Surge Battery Metals clarifies that its up‑to $5 million LIFE private placement (20 M units at $0.25 each) is not conditional on the formation of the contemplated joint venture with Evolution Mining.
• Each unit consists of one common share and one warrant to purchase a share at $0.40 for three years; 3L Capital Inc. serves as financial advisor.
• Proceeds will still be used to meet near‑term funding commitments, but any portion earmarked for the JV may be redirected if the JV does not materialize.

Key Details

• Offering Size: Up to 20,000,000 units → Gross proceeds target $5,000,000.
• Unit Composition: 1 common share + 1 warrant per unit.
• Warrant Terms: Exercise price $0.40; exercisable for three years from issuance.
• Price Per Unit: $0.25.
• Financial Advisor: 3L Capital Inc.
• Original Intent: Funding near‑term commitments under a contemplated JV with Evolution Mining on the Nevada North Lithium Project.
• Clarification: The offering is not contingent on the JV; if the JV does not proceed, proceeds will be allocated to other corporate purposes as outlined in the Amended Offering Document.
• Regulatory Status: Not registered under U.S. securities laws; cannot be offered/sold to U.S. persons without exemption or registration.
• Documentation: Amended and restated offering document available on SEDAR and company website.

Notable Quotes

• “The LIFE Offering is not conditional on the formation of the JV and, should the JV not be formed, we will redeploy proceeds to other corporate purposes as detailed in the amended offering documentation.” – Greg Reimer, President & CEO.