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Surge Battery Closes Acquisition with Grid Battery and now owns 100% of Surge Nickel Project
(TheNewswire) Vancouver, BC - TheNewswire - June 14, 2023 - Surge Battery M...
About this update from Surge Battery Metals Inc
[{"type":"text","content":"Surge Battery Closes Acquisition with Grid Battery and now owns 100% of Surge Nickel Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire\n-\n \n \n June 14, 2023 -\n \n \n Surge Battery Metals Inc. (the \"\n \n \n Company\n \n \n \" or\n“\n \n \n Surge\n \n \n ”)\n \n \n (\n \n \n \n \n TSXV:NILI\n \n \n )\n \n \n (\n \n \n OTC:\n \n \n NILIF\n \n \n )\n \n \n (\n \n \n FRA:DJ5C)\n \n \n announces that, further to its news release dated April 3,\n2023, (the \"Initial News Release\") the Company has now\nclosed the “related party” transaction and acquired a 100%\ninterest in the Surge Nickel Project.\n \n \n \n \n \n \n As disclosed in the\nInitial News Release, the Company entered into a\n \n \n n Option Agreement with Grid Battery Metals Inc. (formerly\n“Nickel Rock Resources Inc.”) (“Grid”) dated March 31, 2023\n(the “Agreement”), whereby it was granted the option (the\n\"Option\") to acquire the remaining 20% interest in the HN4\nand N100 Cla\n \n \n \n \n ims\n(the “Surge Nickel Project”), located in Northern British\nColumbia.  The Company had previously earned an undivided 80%\ninterest in the Surge Nickel Project.  Three\n \n \n of\nthe claims are subject to a 2% NSR, including the HN4 claim and the\ntwo southernmost claims of the N100 claim group.\n \n \n \n \n \n \n The Company has now\nexercised the Option by issuing 1,000,000 of its common shares (the\n\"Grid Shares\") to Grid and now owns a 100% interest in the\nSurge Nickel Project.\n \n \n \n \n \n \n Upon\n \n \n exercise of the Option\n \n \n ,\n \n \n Grid transferred 100% ownership of the Surge Nickel Project\nto the Company.  The Grid Shares are subject to a four‐month and a\nday\n \n \n hold\n \n \n period\n \n \n expiring on October 15,\n2023\n \n \n .\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 Agreement constitutes a\n\"related party transaction\" due to the fact that the CFO is\nalso the CFO of Grid.  The Company relied on Section 5.5(a) of MI\n61-101 ...