Surge Announces Extension to Property Purchase Agreement Announced on August 22, 2024 and Sale of Nickel Property
Surge Battery Metals announces key updates to its property transactions. The company has extended its Purchase Agreement with M3 Metals Corp. for the Texas Springs Properties until June 30, 2025, requiring disinterested shareholder approval. The deal involves issuing 1.2 million common shares to M3M for their 50% interest in the properties near Surge's Nevada North Lithium Project.
Additionally, Surge has sold its nickel claims in Northern British Columbia to FPX Nickel Corp. The Nickel 100 Agreement brings $50,000 in cash, while the Hard Nickel Agreement yields approximately $185,000, comprising $150,000 in cash and a reclamation bond return of $44,681 minus reclamation costs. These sales align with Surge's strategy to focus on its Nevada North Lithium Project.
Surge Battery Metals annuncia aggiornamenti chiave sulle sue transazioni immobiliari. L'azienda ha esteso il suo Contratto di Acquisto con M3 Metals Corp. per le Proprietà di Texas Springs fino al 30 giugno 2025, richiedendo l'approvazione degli azionisti non interessati. L'accordo prevede l'emissione di 1,2 milioni di azioni ordinarie a M3M per il loro interesse del 50% nelle proprietà vicino al Progetto Litio Nevada North di Surge.
Inoltre, Surge ha venduto le sue concessioni di nickel nella Columbia Britannica settentrionale a FPX Nickel Corp. Il Contratto Nickel 100 porta $50.000 in contanti, mentre il Contratto Hard Nickel genera circa $185.000, di cui $150.000 in contanti e un rimborso di un'assegnazione per il recupero di $44.681 meno i costi di recupero. Queste vendite sono in linea con la strategia di Surge di concentrarsi sul suo Progetto Litio Nevada North.
Surge Battery Metals anuncia actualizaciones clave sobre sus transacciones de propiedades. La compañía ha extendido su Acuerdo de Compra con M3 Metals Corp. para las Propiedades Texas Springs hasta el 30 de junio de 2025, requiriendo la aprobación de los accionistas no interesados. El acuerdo implica la emisión de 1.2 millones de acciones comunes a M3M por su participación del 50% en las propiedades cercanas al Proyecto de Litio Nevada Norte de Surge.
Además, Surge ha vendido sus reclamos de níquel en el norte de Columbia Británica a FPX Nickel Corp. El Acuerdo Nickel 100 aporta $50,000 en efectivo, mientras que el Acuerdo Hard Nickel genera aproximadamente $185,000, que incluyen $150,000 en efectivo y un reembolso de bonos de restauración de $44,681 menos los costos de restauración. Estas ventas se alinean con la estrategia de Surge de centrarse en su Proyecto de Litio Nevada Norte.
서지 배터리 메탈스는 자산 거래에 대한 주요 업데이트를 발표했습니다. 이 회사는 M3 메탈스와의 텍사스 스프링스 자산 구매 계약을 2025년 6월 30일까지 연장했고, 이해관계가 없는 주주들의 승인이 필요합니다. 이 거래에는 서지의 네바다 노스 리튬 프로젝트와 인접한 자산에 대한 M3M의 50% 지분에 대해 120만 주의 보통주를 발행하는 내용이 포함되어 있습니다.
또한 서지는 북부 브리티시컬럼비아의 니켈 권리를 FPX 니켈에 판매했습니다. 니켈 100 계약은 $50,000의 현금을 가져오고, 하드 니켈 계약은 약 $185,000를 생성하는데, 이는 $150,000의 현금과 토지 복원 비용을 차감한 $44,681의 복원 보증금 반환을 포함합니다. 이러한 판매는 서지가 네바다 노스 리튬 프로젝트에 집중하는 전략과 일치합니다.
Surge Battery Metals annonce des mises à jour clés concernant ses transactions immobilières. La société a prolongé son Contrat d'Achat avec M3 Metals Corp. pour les propriétés Texas Springs jusqu'au 30 juin 2025, nécessitant l'approbation des actionnaires non intéressés. L'accord prévoit l'émission de 1,2 million d'actions ordinaires à M3M pour leur participation de 50% dans les propriétés près du Projet Lithium Nevada North de Surge.
De plus, Surge a vendu ses droits sur le nickel dans le nord de la Colombie-Britannique à FPX Nickel Corp. Le Contrat Nickel 100 rapporte 50 000 $ en espèces, tandis que le Contrat Hard Nickel génère environ 185 000 $, comprenant 150 000 $ en espèces et un remboursement d'une garantie de réhabilitation de 44 681 $ moins les coûts de réhabilitation. Ces ventes s'inscrivent dans la stratégie de Surge de se concentrer sur son Projet Lithium Nevada North.
Surge Battery Metals gibt wichtige Updates zu seinen Immobiliengeschäften bekannt. Das Unternehmen hat seinen Kaufvertrag mit M3 Metals Corp. für die Texas Springs Properties bis zum 30. Juni 2025 verlängert, was die Genehmigung durch nicht interessierte Aktionäre erfordert. Der Deal beinhaltet die Ausgabe von 1,2 Millionen Stammaktien an M3M für deren 50% Anteil an den Grundstücken in der Nähe des Nevada North Lithium Projekts von Surge.
Darüber hinaus hat Surge seine Nickelansprüche im Norden von British Columbia an FPX Nickel Corp. verkauft. Der Nickel 100 Vertrag bringt 50.000 Dollar in bar, während der Hard Nickel Vertrag etwa 185.000 Dollar einbringt, bestehend aus 150.000 Dollar in bar und einer Rückzahlung der Rekultivierungsanleihe von 44.681 Dollar abzüglich der Rekultivierungskosten. Diese Verkäufe stehen im Einklang mit Surges Strategie, sich auf sein Nevada North Lithium Projekt zu konzentrieren.
- Strategic divestment of non-core nickel assets generating approximately $235,000 in cash
- Focused strategy consolidation on Nevada North Lithium Project
- Acquisition of remaining 50% interest in Texas Springs Properties strengthening lithium portfolio
- Extended closing timeline for Texas Springs Properties acquisition indicates regulatory complexity
- Related party transaction requirements adding complexity to the M3M deal
- Additional costs for reclamation activities on Hard Nickel Claim (approximately $9,700)
West Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5C) (the "Company" or "Surge") reports that on August 22, 2024, the Company announced that the Company and M3 Metals Corp. ("M3M") had entered into a property purchase and sale agreement (the "Purchase Agreement") whereby M3M, in consideration of the issuance to M3M of a total of 1,200,000 common shares of the Company, would sell to the Company all of its right, title and interest in and to the Texas Springs Properties (the "Properties") in the area of the Company's Nevada North Lithium Project. The Properties, which the Company and M3M each own fifty (
The Purchase Agreement contained a clause that the parties had to obtain regulatory approval, and close the transactions contemplated by the Purchase Agreement, by October 31, 2024.
The parties have now entered into an amendment (the "Amendment") dated October 27, 2024 whereby the Purchase Agreement will terminate if closing of the Purchase Agreement has not occurred on or before June 30, 2025. The extended closing date is due to the requirement that Surge obtain disinterested shareholder approval prior to closing. Surge does not, at this time, have a date for the shareholder meeting at which approval will be sought.
The Purchase Agreement is considered a related party transaction under the policies of the TSX Venture Exchange by virtue of the parties having in common: (i) a person who is an officer (Corporate Secretary and CFO) and director of one party as well as an officer (Corporate Secretary) of the other party; and (ii) a person who is a director of one party and a
Surge further announces that it has entered into an agreement (the "Nickel 100 Agreement") with FPX Nickel Corp. ("FPX") dated effective October 10, 2024 whereby it has sold to FPX the Nickel 100, 101, 103 and 104 claims in Northern British Columbia. Consideration for the sale to FPX is
Surge has also entered into an agreement (the "Hard Nickel Agreement") with FPX dated effective October 10, 2024, whereby it has sold to FPX the Hard Nickel Claim (the "Hard Nickel Claim") which is also in Northern British Columbia. The Hard Nickel Agreement calls for FPX to oversee completion of certain reclamation and inspection activities on the Hard Nickel Claim which are estimated to cost up to approximately
The sale of these properties reflects Surge's commitment to focusing its efforts on its Nevada North Lithium Project in Elko County, Nevada.
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, 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.
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On behalf of the Board of Directors
"Greg Reimer"
Greg Reimer,
President & CEO
Contact Information
Email : info@surgebatterymetals.com
Phone : 604-662-8184
Website: surgebatterymetals.com
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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FAQ
What is the new deadline for Surge Battery Metals (NILIF) to close the Texas Springs Properties purchase agreement?
How much did Surge Battery Metals (NILIF) receive for selling its nickel properties to FPX Nickel?
How many shares will Surge Battery Metals (NILIF) issue to M3 Metals for the Texas Springs Properties?
