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Surge Battery Metals Announces $7,160,000 Non-Brokered Private Placement Including a Strategic Equity Investment from American Lithium Corp.
(TheNewswire) Vancouver, BC - TheNewswire - June 1, 2023 - Surge Battery Metals...
About this update from Surge Battery Metals Inc
[{"type":"text","content":"Surge Battery Metals Announces $7,160,000 Non-Brokered Private Placement Including a Strategic Equity Investment from American Lithium Corp.\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 Vancouver, BC -\n \n \n TheNewswire -\n \n \n June 1, 2023 -\n \n \n Surge Battery Metals Inc. (the\n \n \n “Company” or “Surge”\n \n \n )\n \n \n (TSXV:NILI\n \n \n )\n \n \n (\n \n \n OTC:NILIF\n \n \n )\n \n \n (\n \n \n FRA:DJ5C)\n \n \n is pleased to announce a\nnon-brokered private placement (the\n \n \n “Private Placement”\n \n \n ) of up to 17,900,000 units (the \"Units\") at a\nprice of $0.40 per Unit.  Each Unit will consist of one common share\nand one share purchase\n \n \n \n \n warrant (the \"Warrants\").  Each share purchase\nwarrant will be exercisable for a period of three years from the date\nof issuance at a price of $0.55 per share.  The Private Placement may\nclose in tranches.\n \n \n \n \n The Private Placement includes a strategic equity\ninvestment by\n \n \n American Lithium\nCorp. (NASDAQ: AMLI, TSXV: LI),\n \n \n a lithium\nexploration and development company.\n \n \n Upon\ncompletion of the Private Placement, American Lithium Corp. will own\napproximately 9.9% of Surge’s issued and outstanding common shares\non a non-diluted basis. In conjunction with closing American Lithium\nCorp.'s portion of the Private Placement, Ted O'Connor, Executive VP\nof American Lithium Corp., will be appointed to the Board of Directors\nof the Company.\n \n \n \n \n Mr. Greg Reimer, Chief Executive\nOfficer, and Director\n \n \n commented “We are\nexcited to have American Lithium Corp. take this position in our\ncompany. As a lithium exploration and development company they have\nconsiderable expertise in the lithium space, particularly in Nevada.\nWith this investment, Surge continues to build its expertise as we\nadvance our Nevada North Lithium Project”.\n \n \n \n \n The proceeds of the Private Placement will be used for\nadvancement and development of the Company’s existing Nevada North\nLithium Project and for general working capital purposes.\n \n \n \n \n All securities issued in connection with the Private\nPlacement are subject to a four month and a day hold p...