Surge Copper Announces Results of Annual General Meeting
PO Box 10351 888-700 West Georgia Street, Vancouver, BC, Canada, V7Y 1G5 www.surgecopper.com
TSX-V Trading Symbol: SURG Telephone: +1 (604) 781-5454 OTCQX: SRGXF Email: [email protected] Frankfurt Trading Symbol: G6D2
September 23, 2022
NEWS RELEASE
Surge Copper Announces Results of Annual General Meeting
September 23, 2022, Vancouver, British Columbia – Surge Copper Corp. (TSXV: SURG) (OTCQX: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) is pleased to report that all proposed resolutions were passed at its Annual General Meeting (the “Meeting”), held on September 21, 2022, via teleconference.
Shareholders voted in favour of setting the number of directors at 7, and re-elected the following directors: Leif Nilsson, Shane Ebert, Christian Kargl-Simard, Richard Colterjohn, John Dorward, James Pettit and Patrick Glazier.
Shareholders have also approved the Company’s new share compensation plan (the “Share Compensation Plan”), the issuance of restricted share units (“RSUs”) and deferred share units (“DSUs”) and the re-appointment of DeVisser Gray LLP, Chartered Professional Accountants, as auditors.
The Share Compensation Plan replaces the stock option plan previously adopted by the Company. The Share Compensation Plan is a “rolling up to 10%” omnibus plan pursuant to which the total number of common shares which may be issued pursuant to RSUs, stock options or DSUs awarded or granted under the Share Compensation Plan, in the aggregate, is equal to a maximum of 10% of the issued and outstanding common shares at the time of the award or grant. The Share Compensation Plan was conditionally accepted, subject to final acceptance, by the TSX Venture Exchange on August 11, 2022. The principal terms of the Share compensation Plan are summarized in the management information circular filed in connection with the Meeting.
In accordance with Policy 4.4 of the TSX Venture Exchange, the Company obtained disinterested shareholder approval to ratify, confirm and approve the grants or awards of 1,150,000 RSUs (650,000 of which were granted with time-based vesting criterion, vest 1/3 after each 12, 24 and 36 months, and 500,000 of which were granted with performance-based vesting criterion, vest after 36 months) and 750,000 DSUs (due to vest 12 months from the date of grant) on January 11, 2022 by the Company on the terms and conditions set forth in the Share Compensation Plan, to the persons eligible to receive such RSUs and DSUs. This resolution was approved by a majority of votes cast by disinterested shareholders entitled to vote. A total of 22,488,709 common shares held by the Company’s directors and officers were excluded.
We would also like to sincerely thank the Company’s shareholders for their continued strong support.
About Surge Copper Corp.
The Company owns a 100% interest in the Ootsa Property, an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry deposits located adjacent to the open pit Huckleberry Copper Mine, owned by Imperial Metals. The Ootsa Property contains pit constrained NI 43-101 compliant resources of copper, gold, molybdenum, and silver in the Measured and Indicated categories.
The Company is also earning into a 70% interest in the Berg Property from Centerra Gold. Berg is a large, advanced stage exploration project located 28 km northwest of the Ootsa deposits. Berg contains pit constrained 43-101 compliant resources of copper, molybdenum, and silver in the Measured and Indicated categories. Combined, the adjacent Ootsa and Berg properties give Surge a dominant land position in the Ootsa-Huckleberry-Berg district and control over four advanced porphyry deposits.
On Behalf of the Board of Directors
“Leif Nilsson”
Chief Executive Officer
For further information, please contact:
Riley Trimble, Corporate Communications & Development Telephone: +1 604 416 2978 Email: [email protected] Twitter: @SurgeCopper LinkedIn: Surge Copper Corp https://www.surgecopper.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. All statements included herein, other than statements of historical fact, are forward-looking statements, including but not limited to the Company’s plans regarding the Berg Property and the Ootsa Property. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward- looking statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals, the ability to obtain adequate financing to conduct its planned exploration programs, inability to procure labour, equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown, impacts of the current coronavirus pandemic, and bad weather. While these forward-looking statements, and any assumptions upon which
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they are based, are made in good faith, and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.
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