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Surge Copper Announces Upsize of Private Placement to $3.9 million
Vancouver, British Columbia, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQX: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) annou
About this update from Surge Copper Corp.
[{"type":"text","content":" Vancouver, British Columbia, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQX: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) announces an upsize to its previously announced non-brokered private placement, announced on January 10, 2023, from approximately $1.25 million to approximately $3.9 million (the “Offering”). Pursuant to the amended terms, the Offering will now consist of (i) approximately 11.5 million units (the “Units”) offered at a price of $0.13 per Unit and (ii) approximately 11.1 million charity flow-through units (the “Charity FT Units”) offered at a price of C$0.215 per Charity FT Unit. Each Unit will comprise one common share and one-half of one transferrable common share purchase warrant (each whole such common share purchase warrant, a “Warrant”). Each Charity FT Unit will consist of one charity flow-through common share and one-half of one Warrant to be issued on a non-flow-through basis. Each Warrant shall be exercisable into one additional common share for twelve months from closing at an exercise price of C$0.20 per Warrant. It is anticipated that the net proceeds raised from the Units will be used for the completion of the Preliminary Economic Assessment on the Berg Project and for working capital and general corporate purposes. The aggregate gross proceeds raised from the Charity FT Units will be used before 2025 for general exploration expenditures which will constitute Canadian exploration expenses (within the meaning of subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”), that will qualify as “critical mineral flow through mining expenditures” within the meaning of the Tax Act. The Offering is scheduled to close on or about February 2, 2023, and is subject to certain conditions including, but not limited to, the receipt of TSX Venture Exchange conditional acceptance. There is an offering document related to this Offering that can be accessed under the issuer’s profile at www.sedar.com and at www.surgecopper.com. Prospective investors should read this offering document before making an investment decision. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 Prospectus Exemptions (“NI 45-106”), the Offering is being made to purchasers resident in all provinces of Canada, except Quebec, the United State...