- Surge Battery Metals (NILIF, Financial) successfully raises $3.1 million through a private placement.
- Warrants issued in the financing allow the purchase of shares at $0.45 for up to three years.
- Funds will be dedicated to completing the PEA and sustaining ongoing operations.
Surge Battery Metals Inc. (NILIF) has announced the completion of a non-brokered private placement financing, successfully raising $3,105,500. This was achieved through the issuance of 10,351,667 units at $0.30 per unit. Each unit consists of one common share and a warrant, which entitles the holder to purchase an additional share at an exercise price of $0.45 for a period of three years from the date of closing, contingent on TSX Venture Exchange approval.
The company incurred finder fees totaling $36,840, which are also subject to the approval of the TSX Venture Exchange. All securities issued in this transaction will be under a holding period of four months and one day, set to expire on August 12, 2025.
The funding garnered from this private placement will be allocated towards the completion of the Preliminary Economic Assessment (PEA) and to support ongoing operations, enhancing Surge's continued development in the lithium sector.
