Business
Surge Battery Closes Acquisition of Nickel Claims with Nickel Rock Resources
(TheNewswire) Vancouver, BC - TheNewswire – November 17, 2...
About this update from Surge Battery Metals Inc
[{"type":"text","content":"Surge Battery Closes Acquisition of Nickel Claims with Nickel Rock Resources\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire\n \n \n – November 17,\n2021 –\n \n \n Surge Battery Metals Inc. (the\n\"Company\" or “Surge”) (\n \n \n \n \n TSXV:NILI\n \n \n )\n \n \n (\n \n \n OTC:\n \n \n NILIF)\n \n \n announces that further to its news releases dated July 8,\n2021, July 13, 2021 and October 20, 2021, and the TSX Venture\nExchange’s conditional acceptance letter dated July 16, 2021, the\nCompany has now closed the Fundamental and “related-party”\ntransaction subject to final Exchange Acceptance.\n \n \n \n \n \n \n The Company entered into\na\n \n \n n option agreement with Nickel Rock Resources\nInc. (“Nickel Rock”) dated July 7, 2021 (the “Agreement”), to\nearn an undivided 80% interest in the HN4 and N100 Claims, located in\nNorthern British Columbia (the “Transaction”).\n \n \n \n \n Terms\n \n \n of\n \n \n the\n \n \n Transaction\n \n \n :\n \n \n \n \n Pursuant to the terms of the Agreement, the Company\nissued 5,000,000 common shares to Nickel Rock upon closing.\n \n \n In addition, Surge shall incur an\n \n \n aggregate of $200,000 in Exploration Expenditures on the\nProperty on or before two years from the date of\n \n \n the\n \n \n Agreement.\n \n \n \n \n \n \n Upon\n \n \n the\n \n \n Company\n \n \n having\n \n \n exercised\n \n \n the\n \n \n Option,\n \n \n Surge\n \n \n will\n \n \n have\n \n \n earned\n \n \n an\n \n \n undivided 80% interest in the Property, and\nthe parties will enter into a Commercially Reasonable and\n \n \n Definitive\n \n \n Joint\n \n \n Venture\n \n \n Agreement.\n \n \n \n \n All securities issued in connection with the\nTransaction will be subject to a four‐month and a day\n \n \n hold\n \n \n period\n \n \n expiring on March 18, 2022,\n \n \n in\n \n \n accordance\n \n \n with applicable\n \n \n Canadian\n \n \n Securities Laws.\n \n \n \n \n \n \n Pursuant to TSXV Policy\n5.9 and Multilateral Instrument 61-101 --\n \n \n \n Protection of Minority\nSecurity Holders in Special Transactions\n \n \n \n (\"\n \n \n MI\n61-101\n \n \n \"), the Option Agreement constitutes\na \"related party transaction\" due to the fact that CFO and\nCorporate Secretar...