Surge Battery Metals Provides Corporate Update and Announces Financing
Surge Battery Metals Provides Corporate
Update and Announces Financing
West Vancouver, British Columbia--(Newsfile Corp. - March 31, 2025) - Surge Battery Metals Inc.
(TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) ("Surge" or the "Company") provides shareholders with a
corporate and financing update.
Over the past 6 months Surge has been engaged in discussions with a strategic investor to fund the
Company through to bankable feasibility study. This investor is a private company based in the United
States of America. Surge worked through extensive due diligence and ultimately all corresponding legal
documents for the funding. During the required regulatory review process, the TSXV noted that some
provisions of the agreement that the investor required were outside of their policy framework. While we
worked closely with the TSXV and the investor and felt that we had come to an arrangement that would
satisfy all parties, the investor has decided not to move forward with the financing. Surge wishes to thank
all parties for their efforts to try and resolve the issues.
Through the negotiating period we continued to advance the Nevada North Lithium Project. Coming off a
successful drill program, resource update and initial work on the Preliminary Economic Assessment
(PEA) and process beneficiation work, the Company received a positive decision from the Bureau of
Land Management on our Exploration Plan of Operations permit. Since receiving the permit, we
developed our 2025 drill program and have refocused on the PEA. Work to date on the PEA has been
very positive and we look forward to completing the PEA and sharing it with shareholders by the end of
Q2 2025.
The Company further announces a non-brokered private placement of 10,000,000 units (the "Units") at a
price of $0.30 per unit, for gross proceeds of $3,000,000 (the "Private Placement"). Each Unit will
consist of one common share and one share purchase warrant, each whole share purchase warrant
being exercisable for a period of three years at a price of $0.45 per share. Current shareholders will be
participating for $2,500,000.
A commission of 8 per cent cash will be payable on a portion of the private placement.
Proceeds of the private placement will be used to complete the PEA and fund ongoing operations.
About Surge Battery Metals Inc.
Surge Battery Metals, a Canadian-based mineral exploration company, is at the forefront of securing the
supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The
Project focuses on exploring clean, high-grade lithium energy metals in Nevada, USA, a crucial element
for powering the electric vehicles of tomorrow. With a primary listing on the TSX Venture Exchange in
Canada and the OTCQX Market in the US, Surge Battery Metals Inc. is strategically positioned as a key
player in advancing lithium exploration, contributing significantly to the sustainable future of the electric
vehicle industry. At Surge Battery Metals, we are not just exploring minerals; we are pioneering the path
to a cleaner and more sustainable future, driving innovation in the lithium sector, and contributing to the
evolution of the electric vehicle industry.
About the Nevada North Lithium Project
The Company owns the Nevada North Lithium Project located in the Granite Range southeast of
Jackpot, Nevada about 73 km north-northeast of Wells, Elko County, Nevada. The first three rounds of
drilling on the Project, completed in 2022, 2023, and 2024, identified a strongly mineralized zone of
lithium bearing clays occupying a strike length of more than 4,300 meters and a known width of greater
than 1500 meters. Highly anomalous soil values and geophysical surveys suggest there is potential for
the clay horizons to be much greater in extent, while wide drill spacing allows for significant upside to
occur during infill drilling. The Nevada North Lithium Project has a pit-constrained Inferred Resource
containing an estimated 8.65 Mt of Lithium Carbonate Equivalent (LCE) grading 2,951 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:
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 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, currency risks including the exchange rate
of USD$ for Cdn$ or other currencies, 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 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. 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.
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