Surface Metals Inc. Announces Closing of First Tranche of Private Placement Financing

Executive Summary

• Surface Metals Inc. closed the first tranche of its non‑brokered private placement, issuing 1,600,000 units at $0.20 CAD per unit for total gross proceeds of $320,000 CAD.
• Each unit contains one common share and a half warrant; full warrants allow purchase of additional shares at $0.40 CAD for two years after closing.
• Proceeds will fund technical work on the company’s Nevada gold and lithium projects and provide general working capital.

Key Details

• Units Issued: 1,600,000 units @ $0.20 CAD per unit → Gross proceeds: $320,000 CAD.
• Unit Composition: 1 common share + ½ transferable common share purchase warrant (full warrant = right to buy 1 additional common share at $0.40 CAD).
• Warrant Terms: Exercise price $0.40 CAD; exercisable for two years from closing of the offering.
• Finder’s Compensation: Finder’s fee of $10,500 CAD and issuance of 52,500 finder’s warrants (same terms as unit warrants).
• Use of Proceeds: Fund technical work at Nevada gold and lithium projects; general working capital.
• Holding Period: All securities subject to a hold period of four months and one day under Canadian securities laws.

Notable Quotes

(No executive quotes were included in the release.)