Surge Battery Metals Closes Fully-Subscribed Non-Brokered Private Placement for Gross Proceeds of $25M

Core Viewpoint - Surge Battery Metals Inc. has successfully closed a non-brokered private placement, raising a total of $25,000,000 to support its Nevada North Lithium Project and enhance its financial position [1][3]. Group 1: Private Placement Details - The private placement raised gross proceeds of $19,999,800 through the LIFE Offering by issuing 22,222,200 units at a price of $0.90 per unit [1]. - An additional $5,000,202 was raised through a Concurrent Offering by issuing 5,555,780 units at the same price of $0.90 per unit [1]. - Each Offered Unit consists of one common share and one-half of a common share purchase warrant, with each full warrant allowing the purchase of one common share at an exercise price of $1.35 until February 3, 2029 [2]. Group 2: Use of Proceeds - The proceeds from the private placement will be allocated to costs related to the preliminary feasibility study and definitive feasibility study for the Nevada North Lithium Project, as well as general working capital [5]. Group 3: Financial Advisor and Finder's Fees - The company paid aggregate finder's fees of $1,206,171.86 and issued 1,307,243 finder's warrants, each exercisable for one common share at a price of $1.35 until February 3, 2029 [4]. Group 4: Insider Participation - Insiders participated in the Concurrent Offering, which is classified as a "related party transaction" but is exempt from formal valuation and minority shareholder approval requirements due to its fair market value being below 25% of the company's market capitalization [6].