Surge Copper Announces Upsize of Private Placement to $2.2M
Surge Copper Corp. (TSXV: SURG ) (OTCQB: SRGXF ) (Frankfurt: G6D2 ) (” Surge ” or the ” Company “) has recently announced an increase in its non-brokered private placement of charity flow-through common shares. Initially set at around $1.6 million, the private placement has now been upsized to approximately $2.2 million. This move comes after the Company’s announcement on June 6, 2024. The Offering will consist of up to 8,966,667 charity flow-through common shares (the ” CFT Shares “) at a price of $0.245 per CFT Share, aiming to raise gross proceeds of up to about $2.2 million.
The funds raised from the CFT Shares will be allocated towards general exploration expenditures before December 31, 2025. These expenditures will qualify as Canadian exploration expenses under the Income Tax Act, serving as “critical mineral flow through mining expenditures.” The Offering is expected to close on or before June 21, 2024, subject to certain conditions, including TSX Venture Exchange conditional acceptance.
Moreover, the Company may also conduct additional private placements for up to 1,582,353 non-flow-through common shares at a price of $0.15 per NFT Share for specific strategic investors. It’s essential to note that this news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such actions would be deemed unlawful.
Qualified Person Dr. Shane Ebert P.Geo., President of the Company, is the Qualified Person for the Berg Project and the Ootsa Property as defined by National Instrument 43-101. Surge Copper Corp. is dedicated to advancing a critical metals district in British Columbia, Canada, with a focus on copper, molybdenum, gold, and silver. The Company’s Berg Project and Ootsa Property hold significant resources and are poised for further development.
For further information, please contact:
Riley Trimble, Corporate Communications & Development
Telephone: +1 604 416 2978
Email: info@surgecopper.com
Twitter: @SurgeCopper
LinkedIn: Surge Copper Corp
Website: https://www.surgecopper.com
In conclusion, Surge Copper’s decision to increase its private placement to $2.2 million reflects its commitment to advancing critical mineral projects in Canada. With a focus on sustainability and resource development, the Company aims to make a significant impact in the low-carbon energy transition sector.