Surge Battery Metals Offers Corporate Update

Rhea-AI Summary

Surge Battery Minerals Inc. has secured approximately $2.8 million in financing for its 2021 plans, with an additional $2.2 million expected from warrant conversions. The funds will support exploration in Canada for high-value battery metals like copper, nickel, and lithium, crucial for the electric vehicle (EV) market. The company aims to enhance its position in the low carbon economy, addressing the forecasted $1.7 trillion mining investment needed over 15 years. Surge focuses on unlocking North American exploration properties.

Positive

• Secured approximately $2.8 million in financing.
• Potential additional funding of $2.2 million from warrant conversions.
• Strategic focus on high-value battery metals for the EV market.

Negative

• None.

VANCOUVER, BC, June 7, 2021 /PRNewswire/ -- Surge Battery Minerals Inc. (the "Company" or "Surge") (TSXV: NILI) (OTC: NILIF) (FRA: DJ5C) would like to provide its shareholders with an update on the Company and the state of the current commodity markets.

The Company is pleased to report that due to its financings over the past four-month period, the Company now has approximately $2,800,000 in order to carry out its corporate plans for 2021. With the conversion of the associated financing warrants from the recently completed Unit offering, the Company could add another $2,200,000 into the Company's treasury, allowing it to be fully financed for 2021 and beyond. 

"We are very happy that our shareholders continue to support our Company and its exploration programs in Canada," comments Mr. Greg Reimer, President & CEO of Surge. "The funds that we have received recently will go towards our acquisition and exploration focus on projects for high value battery metals required for the electric vehicle (EV) market. These projects will complement our Caledonia Copper exploration project in British Columbia. The Company is actively looking for both established and prospective exploration projects that seek high value metals such as copper, nickel and lithium." Mr. Reimer continues, "We have both the team and the funds in place to pursue additional mineral exploration assets of high quality, and we plan to build a much larger mineral exploration company focussed on several key metals needed to support the manufacturing of high-tech products like EVs and mobile phones."

Mr. Reimer continues, "A recent publication in www.mining.com calls for a need of US$1.7 Trillion in mining investment over the next fifteen years to fuel a low carbon world, in order to fund EV adoption and other green initiatives (May 10, 2021 Mining.com article). Mining companies need to invest in projects to help supply enough copper, cobalt, nickel, lithium and other metals needed for the shift to a low carbon world. 

The United States, Britain, Japan, Canada and others raised their targets on cutting carbon emissions to halt global warming at a summit in April hosted by US President Joe Biden. Meeting those targets will need large-scale deployment of electric vehicles, storage for power generated from renewables and electricity transmission, all of which require industrial materials, such as lightweight aluminium and metals used in batteries such as cobalt and lithium. 

To this end, Joe Biden's US$2.3 trillion + infrastructure bill would help create bull conditions in commodity markets, particularly in steel and cobalt, lithium, and copper — materials of the energy transition.

Another recent article in www.mining.com further states that China sold roughly one million more EVs than the US and that the key component materials for EV batteries, nickel, lithium, copper and cobalt have created a shortage in supply last year. They go on to state that forecasts that real growth in the EV industry in the US could strain a supply chain currently focused on Europe and Asia  in a way that would send prices to stratospheric levels (April 9, 2021 Article) and tests both the elasticity of demand and the viability of the supply chain.

We believe that the future is bright for our Company, and we are looking to unlock this potential by seeking additional high quality North American exploration properties. Our focus for this year will be on the key metals of copper, nickel and lithium as we believe the demand for these commodities will only continue to grow in the low carbon economy.

Thank you for supporting us on this journey."

About Surge Battery Metals Inc. surgebatterymetals.com

The Company is a Canadian-based mineral exploration company which has been active in the resource sector in British Columbia and elsewhere in Canada. 

On Behalf of the Board of Directors

"Greg Reimer"

Greg Reimer, President & CEO
604-428-5690

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 news release may contain forward–looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward–looking. Forward–looking statements are not guaranteeing future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward–looking statements.

Surge Battery Metals Inc.
1220 – 789 West Pender Street
Vancouver, BC, Canada V6C 1H2
604- 428-5690
www.surgebatterymetals.com
info@surgebatterymetals.com

 

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SOURCE Surge Battery Minerals Inc.