NILI:CC - Surge Battery Closes 2nd Tranche Non-Brokered Private Placement
(TheNewswire)
Coquitlam, BC - TheNewswire - March 27, 2023 - Surge Battery Metals Inc. (the “ Company ” or“ Surge ”) (TSXV:NILI ) ( OTC:NILIF ) ( FRA:DJ5C) is pleased to announce that furtherto its news release dated March 17,2023 , it has closed the secondtranche of its non-brokered private placement financing of 1,632,328units at $0.25 per unit (“ Units ”) raising gross proceeds of $408,082. To date the Company has raised $908,082. The Company expects toclose additional tranches of the private placement on or before April27, 2023.
Each Unit is comprised of one common share and oneshare purchase warrant (“ Warrant ”). Each Warrant will entitle theholder thereof to purchase one additional common share of the Companyat an exercise price of $0.30 per share for a period of five yearsfrom closing, subject to final TSX Venture Exchange (“ Exchange ”)approval.
In connection with the second tranche closing of theprivate placement, the Company also paid finder fees in the amount of$11,500 cash and 117,232 common shares in connection with the privateplacement. The finder fees and shares have received Exchangeapproval.
All securities issued in connection with the secondtranche of the private placement are subject to a four?month and aday hold period expiring on July 28, 2023, in accordance withapplicable Canadian Securities Laws.
The proceeds of the private placement will be used forexploration and development and for general working capital purposesas outlined in the press release dated, February9 th ,2023.
About Surge Battery Metals Inc. surgebatterymetals.com
The Company is a Canadian-based mineral explorationcompany active in the exploration for nickel-iron alloy in BritishColumbia and lithium in Nevada whoseprimary listing is on the TSX Venture Exchange. The Company'smaintains a focus on exploration for high value battery metalsrequired for the electric vehicle (EV) market.
Nevada Lithium Projects
The Company owns a 100% interest in 225 mineral claimslocated in Elko County, Nevada. The Nevada North Lithium Project is in the Granite Range southeast of Jackpot, Nevada, about73 km north-northeast of Wells, Nevada. The target is a lithium claydeposit in volcanic tuff and tuffaceous sediments of the JarbidgeRhyolite package.
In addition, the Company has a Property OptionAgreement to earn an undivided 80% interest in 16 mineral claims,comprising 640 acres located within Nevada's San Emidio Desert, knownas the GaltProperty . Recent mineral exploration on theGalt claim group includes 51 playa sediment samples collected forchemical analysis at ALS Geochemistry in Vancouver, B.C. Results ofaqua regia leaching of the samples show 68 to 852 parts per millionlithium (mean 365 ppm), 5.3 to 201 ppm cesium (mean 72 ppm) and 35 to377 ppm rubidium (mean 180 ppm). Results from two seven-foot-deepauger holes show lithium, cesium, and rubidium concentrations in therange of 143.5 to 773 ppm Li, 56.8 to 102.5 ppm Cs and 155 to 272Rb.
Finally, the Company owns a 100% interest in 663 ha(1,640 acre) property in the Teels Marsh Project located in Mineral County,Nevada. The property is in an active region for both lithiumexploration and production.
Nickel Projects, Northern BC
The Company has a Property Option Agreement to earn anundivided 80% interest in certain mineral claims from Nickel RockResources Inc. The Project (The Surge Nickel Project) consists of twonon-contiguous mineral claims groups consisting of 6 mineral claim blocks located in northern British Columbia . Oneclaim in the Mount Sidney Williams area (claim HN4), covers 1863hectares immediately south of and adjacent to the Decar Project,currently being advanced by FPX Resources, and 5 claims in theMitchell Range area, northeast of Decar, (N100 Group) covering 8659hectares. Three of the claims are subject to 2% NSR, including the(HN4 claim and the two southernmost claims of the N100 claim group).Both projects target the nickel-iron alloymineral “Awaruite”, hosted by serpentinized intrusive rocks of theTrembleur Ultramafic Unit on Behalf of the Boardof Directors.
“Greg Reimer”
Greg Reimer, President & CEO
Contact Information
Email: info@surgebatterymetals.com
Phone: 778-945-2656
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward?looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward?looking. Forward?looking statements are not guaranteeingfuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward?lookingstatements.
Copyright (c) 2023 TheNewswire - All rights reserved.