Surge Copper Announces Closing of First Tranche of $20 Million Private Placement

Executive Summary

• Surge Copper Corp. closed the first tranche of its $20 million non‑brokered private placement, raising $16 million in gross proceeds from the issuance of 32,040,000 units.
• The net proceeds will be used to fund mineral exploration and development at the Berg and Ootsa projects, as well as for working capital and general corporate purposes.
• A second and final tranche of approximately $4 million is expected to close around March 27 2026, subject to regulatory approvals and customary closing conditions.

Key Details

• Units Issued (First Tranche): 32,040,000 units, each consisting of one common share and one common share purchase warrant.
• Gross Proceeds: $16 million from the first tranche.
• Financing Structure: Non‑brokered private placement; previously announced on February 10 2026.
• Use of Proceeds: Advance mineral exploration and development at the Berg and Ootsa projects; working capital; general corporate purposes.
• Second Tranche Outlook: Expected $4 million subscription from a strategic investor (per May 31 2024 press release); closing anticipated on or about March 27 2026, pending definitive documentation, foreign regulatory approvals, and TSX Venture Exchange acceptance.
• Finder’s Fees Paid: Approximately $39,600 paid to Canaccord Genuity Corp. in connection with the first tranche.
• Statutory Hold Period: Units subject to a hold period of four months and one day from issue date under Canadian securities laws.

Notable Quotes

“We are pleased to complete the first tranche of this financing and appreciate the continued support from both existing shareholders and new institutional investors. This capital strengthens our balance sheet and positions the Company to advance our business in a disciplined and focussed manner.” – Leif Nilsson, Chief Executive Officer