NILI:CC - Surge Battery Closes Non-Brokered Private Placement
(TheNewswire)
Coquitlam, BC - TheNewswire - April 18, 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 April 6, 2023, it has closed itsoversubscribed non-brokered private placement financing of 7,000,000units at $0.20 per unit (“ Units ”) raising gross proceeds of $1,400,000(the " PrivatePlacement ").
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 $0.24 per share for a period of five yearsfrom closing, subject to final TSX Venture Exchange (“ Exchange ”)approval. There were no finder's fees paid by the Company in thePrivate Placement.
All securities issued in connection with the PrivatePlacement are subject to a four?month and a day hold period expiringon August 19, 2023, in accordance with applicable Canadian SecuritiesLaws.
The proceeds of the Private Placement will be used foradvancement and development of the Company’s existing Nevada Lithiumprojects and for general working capital purposes .
About Surge Battery Metals Inc. surgebatterymetals.com
The Company is a Canadian-based mineral explorationcompany active in the exploration for lithium in Nevada whoseprimary listing is on the TSX Venture Exchange. The Companymaintains a focus on exploration for high value battery metalsrequired for the electric vehicle (EV) market.
Nevada Lithium Projects
The Company owns a 100% interest, without anyroyalties, in the NevadaNorth Lithium Project, consisting of 243mineral claims, located in the Granite Range southeast of Jackpot,about 73 km north-northeast of Wells, Elko County, Nevada. The firstround of drilling, completed in December 2022, identified a stronglymineralized zone of lithium bearing clays occupying a strike length ofalmost 1,620 meters from drillhole NN2205 in the north to drill holeNN2208 in the south. Widths of the mineralized horizons are not welldetermined since the holes are mostly on a north-south alignment,however, wid thsare at least 400 metres, supported by highly anomalous soil valuesindicating potential for the clay horizons to be much greater. Thepotential for a significant lithium deposit can be illustrated by theresults of drillhole NN2207 which intersected the thickest intervalsof lithium-rich claystone encountered to date; a total of 120.4 metres(395 feet) averaging 3,943 ppm lithium in four zones. Additionally,drillhole NN2208 had the strongest downhole individual sample of 5,950ppm lithium between 45 and 50 feet (13.72 and 15.24metres). The average lithiumcontent within all near surface clay zones intersected in 2022drilling, applying a 1000 ppm cut-off, was 3254 ppm.
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.
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