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Surge Copper Announces Closing of First Tranche of $20 Million Private Placement
Not for distribution to U.S. newswire services or dissemination in the United States Vancouve...
About this update from Surge Copper Corp.
[{"type":"text","content":"Surge Copper Announces Closing of First Tranche of $20 Million Private Placement\nNot for distribution to U.S. newswire services or dissemination in the United States Vancouver, British Columbia, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced $20 million non-brokered private placement (the “Offering”), for gross proceeds of $16 million under the first tranche, consisting of 32,040,000 units (the “Units”). Each Unit consists of one common share of the Company and one common share purchase warrant, on the terms previously described in the Company’s February 10, 2026 news release. The Offering was strongly supported by a combination of existing shareholders and new institutional investors. Leif Nilsson, Chief Executive Officer, commented: “We are pleased to complete the first tranche of this financing and appreciate the continued support from both existing shareholders and new institutional investors. This capital strengthens our balance sheet and positions the Company to advance our business in a disciplined and focussed manner.” The second and final tranche of the Offering is expected to consist of an approximately $4 million subscription from the Company’s strategic investor (see press release dated May 31, 2024), which has provided notice of its exercise of its participation rights under an investor rights agreement dated May 31, 2024. Closing of the second tranche remains subject to the execution of definitive subscription documentation, receipt of certain foreign regulatory approvals, and customary closing conditions, including conditional acceptance of the TSX Venture Exchange. The second tranche is expected to close on or about March 27, 2026 or such other date as the Company may determine. The net proceeds from the Offering will be used to advance the Company’s mineral exploration and development projects, including the Berg and Ootsa projects, as well as for working capital and general corporate purposes. The securities underlying the Units issued as part of the Offering are subject to a statutory hold period under applicable Canadian securities laws, expiring four mon...