Surge Copper Announces Closing of Strategic Private Placement with African Rainbow Minerals Limited

Core Viewpoint - Surge Copper Corp. has successfully closed a strategic private placement with African Rainbow Minerals Limited, raising approximately C$4.5 million, which will be used to advance its Berg Project and support exploration activities [1][2]. Group 1: Strategic Placement Details - African Rainbow Minerals Limited purchased 25,781,715 common shares at a price of $0.175 per share, increasing its ownership in Surge to 19.9% [1]. - The total funds raised from this strategic placement and other financing efforts amount to approximately C$10.4 million [2]. - The net proceeds will be allocated to the Berg Project, exploration activities, and general working capital [2]. Group 2: Project Information - Surge Copper Corp. owns a 100% interest in the Berg Project, which has a Preliminary Economic Assessment (PEA) indicating an NPV8% of C$2.1 billion and an IRR of 20% based on long-term commodity prices [5]. - The Berg Project is located in a safe jurisdiction with access to road, power, and port infrastructure, and contains NI 43-101 compliant resources of copper, molybdenum, silver, and gold [5]. - The company also owns the Ootsa Property, which contains advanced-stage exploration projects with compliant resources of copper, gold, molybdenum, and silver [6]. Group 3: Regulatory and Compliance - The participation of ARM in the strategic placement is classified as a "related party transaction" under TSXV Policy 5.9 and MI 61-101, with the company relying on exemptions from formal valuation and minority shareholder approval requirements [3]. - The company did not file a material change report at least 21 days before the closing of the strategic placement, which it deemed reasonable to expedite the process [3]. Group 4: Company Overview - Surge Copper Corp. is advancing a critical metals district in British Columbia, Canada, with a large mineral claim package hosting multiple advanced porphyry deposits [4]. - The company focuses on critical metals essential for modern energy infrastructure and electrification technologies [4].