Surge Battery Metals Announces Closing of Upsized Private Placement for Gross Proceeds of $36 Million
Surge Battery Metals Announces Closing of
Upsized Private Placement for Gross Proceeds
of $36 Million
West Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - Surge Battery Metals Inc. (TSXV:
NILI) (OTCQX: NILIF) (FSE: DJ5) (the "
Company
" or "
Surge
") is pleased to announce that further to its
press release dated June 3, 2026, it has closed its previously announced upsized non-brokered private
placement (the "
Offering
") for aggregate gross proceeds of $36,000,000 through the issuance of
60,000,000 units (the "
Units
") at a price of $0.60 per Unit. Each Unit consists of one common share of
the Company and one common share purchase warrant (a "
Warrant
") of the Company. Each Warrant
will entitle the holder to acquire one additional common share of the Company at an exercise price of
$0.90 for a period of three years from the closing date of the Offering.
Graham Harris, Chairman of Surge, commented,
"The successful closing of our strategic financing,
combined with the substantial proceeds received from warrant exercises that expired in June, has
strengthened Surge's balance sheet to approximately $75 million in cash. This funding places the
Company in a very strong position and is expected to fully fund the advancement of our Nevada North
Lithium Project through to a construction decision. We welcome the addition of Brian Page Braga and
Michael Hess as strategic advisors whose breadth and depth of industry and government experience will
greatly aid the advancement of our premier US lithium asset."
In connection with the Offering, the Company paid aggregate cash finder's fees of $2,039,033.20 to one
finder.
The net proceeds from the Offering will be used for the advancement of the Nevada North Lithium
Project, as well as for general working capital and corporate purposes.
All securities issued or issuable in connection with the Offering are subject to a four-month and one day
hold period from the closing date of the Offering, in accordance with Canadian securities laws and the
policies of the TSX Venture Exchange (the "
TSXV
"), as applicable. The Offering remains subject to the
final acceptance of the TSXV.
Certain directors and officers of the Company participated in the Offering by acquiring an aggregate of
1,480,000 Units, for gross proceeds of $888,000. Such participation is considered to be a related-party
transaction as defined under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in
Special Transactions
("
MI 61-101
"). Such related-party participation in the Offering is exempt from the
formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of
such participation does not exceed 25 per cent of the market capitalization of the Company, as
determined in accordance with MI 61-101. The Company did not file a material change report at least 21
days prior to the closing of the Offering as the details of the insider participation were not settled until
shortly prior to the closing of the Offering. No new control person(s) were created as a result of the
Offering.
The securities to be issued under the Offering have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "
U.S. Securities Act
"), or any U.S. state securities
laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or
U.S. persons, absent registration under the U.S. Securities Act and all applicable U.S. state securities
laws or in compliance with an exemption therefrom. This news release does not constitute an offer to sell
or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
Qualified Person as Defined Under National Instrument 43-101
Alan J. Morris, MSc, CPG of Spring Creek, Nevada, Geological Advisor to the Company, and a
Qualified Person as defined under National Instrument 43-101 -
Standards of Disclosure for Mineral
Projects
, has reviewed and approved the technical aspects of this news release.
About Surge Battery Metals Inc.
Surge Battery Metals Inc. is a Canadian-based mineral exploration company focused on the discovery
and development of battery metals required for the growing electric vehicle and energy storage sectors.
The Company's flagship Nevada North Lithium Project is located in Elko County, Nevada, and is
strategically positioned within one of North America's most prospective lithium districts.
About Nevada North Lithium, LLC
Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc (70.54%) and Evolution Mining
Limited (29.46%), owns the Nevada North Lithium Project southeast of Jackpot, Nevada about 73 km
north-northeast of Wells, Elko County. The first four rounds of drilling at the project identified a strongly
mineralized zone of lithium bearing clays occupying a strike length of more than 4,700 meters and a
known width of greater than 2,000 meters. Highly anomalous soil values and geophysical surveys
suggest there is potential for the clay horizons to be much greater in extent. As disclosed in the
Company's Preliminary Economic Assessment dated May 19, 2025 (PEA), completed jointly by M3
Engineering & Technology Corp. and Independent Mining Consultants (see the Company's news release
dated July 24, 2025 for further information regarding the PEA), the Nevada North Lithium Project
reported an after-tax NPV8% US $9.17 Billion and after-tax IRR of 22.8% at $24,000/t LCE and an
OPEX of US $5,243/t LCE. The Project now has a pit-constrained Measured & Indicated Resource
containing an estimated 10.51 Mt of Lithium Carbonate Equivalent (LCE) grading 3007 ppm Li at a
1,250-ppm cutoff.
On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
Director, President & CEO
Contact Information
Email: [email protected]
Phone: 604-662-8184
Website:
surgebatterymetals.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or
"planned", "possible", "potential", "forecast", "intend", "may", "schedule" and similar words or
expressions identify forward-looking statements or information. These forward-looking statements or
information may relate to the Offering, the intended use of proceeds of the Offering, including the
advancement of the Nevada North Lithium Project through to a construction decision, receipt of final
approval of the Offering from the TSXV, the Company's cash position, the addition of Brian Page Braga
and Michael Hess as strategic advisors to the Company and the effects thereof, future prices of
commodities including lithium and nickel, the accuracy of mineral or resource exploration activity,
reserves or resources, regulatory or government requirements or approvals including approvals of title
and mining rights or licenses and environmental, local community or indigenous community approvals,
the reliability of third party information, continued access to mineral properties or infrastructure or water,
changes in laws, rules and regulations including in the United States, Nevada or California or any other
jurisdiction which may impact upon the Company or its properties or the commercial exploitation of
those properties, fluctuations in the market for lithium related products, changes in exploration costs and
government royalties, export policies or taxes in the United States or any other jurisdiction and other
factors or information. The Company's current plans, expectations, and intentions with respect to the
Offering, the development of its business and of its Nevada properties may be impacted by economic
uncertainties arising out of any pandemic or by the impact of current financial and other market
conditions (including US government subsidies or incentives) on its ability to secure further financing or
funding of its Nevada properties, by our ability to develop the Nevada North Lithium Project. Such
statements represent the Company's current views with respect to future events and are necessarily
based upon several assumptions and estimates that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive, political, environmental (including
endangered species, habitat preservation and water-related risks) and social risks, contingencies, and
uncertainties. Many factors, both known and unknown, could cause results, performance, or
achievements to be materially different from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events affecting such statements and information
other than as required by applicable laws, rules, and regulations.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
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