Surge Copper Announces Closing of First Tranche of $20 Million Private Placement
Surge Copper Corp. (TSX-V: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) is pleased to announce that it has closed the first tranche of its previously announced $20 million non-brokered private placement, for gross proceeds of $16 million under the first tranche, consisting of 32,040,000 units. Each Unit consists of one common share of the Company and one common share purchase warrant, on the terms previously described in the Company’s February 10, 2026 news release.
The Offering was strongly supported by a combination of existing shareholders and new institutional investors.
Leif Nilsson, Chief Executive Officer, commented: “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.”
The second and final tranche of the Offering is expected to consist of an approximately $4 million subscription from the Company’s strategic investor (see press release dated May 31, 2024), which has provided notice of its exercise of its participation rights under an investor rights agreement dated May 31, 2024. Closing of the second tranche remains subject to the execution of definitive subscription documentation, receipt of certain foreign regulatory approvals, and customary closing conditions, including conditional acceptance of the TSX Venture Exchange. The second tranche is expected to close on or about March 27, 2026 or such other date as the Company may determine.
The net proceeds from the Offering will be used to advance the Company’s mineral exploration and development projects, including the Berg and Ootsa projects, as well as for working capital and general corporate purposes.
The securities underlying the Units issued as part of the Offering are subject to a statutory hold period under applicable Canadian securities laws, expiring four months and a day from their issue date.
In connection with the first tranche of the Offering, the Company paid cash finder’s fees totalling approximately $39,600 to Canaccord Genuity Corp.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Surge Copper Corp.
Surge Copper Corp. is a Canadian resource company advancing one of British Columbia’s emerging mineral districts. The Company’s 100%-owned Berg Project hosts a large-scale copper-molybdenum-silver deposit with strong development potential in a safe jurisdiction supported by established infrastructure. A 2023 Preliminary Economic Assessment outlined a long-life project producing essential metals for industrial and energy systems. Surge is advancing a Pre-Feasibility Study on the Berg Project to further define its technical and economic development potential.
In addition to Berg, Surge controls a large, contiguous mineral claim package that includes multiple advanced porphyry deposits, including the Ootsa Property adjacent to the past-producing Huckleberry Mine. The Company’s projects collectively position Surge as a future contributor to Canada’s critical minerals strategy through the responsible development of copper, molybdenum, and associated metals.
For more information, visit www.surgecopper.com
On Behalf of the Board of Directors
“Leif Nilsson”
Chief Executive Officer
For Further information, please contact:
Riley Trimble, Corporate Communications & Development
Telephone: +1 604 639 3852
Email: info@surgecopper.com
Twitter: @SurgeCopper
LinkedIn: Surge Copper Corp
https://www.surgecopper.com
