Surge Battery Metals Provides Corporate Update and Announces Financing
Surge Battery Metals (OTCQX: NILIF) announces that negotiations with a strategic US-based private investor for funding through bankable feasibility study have fallen through due to TSXV policy framework constraints. Despite efforts to resolve the issues, the investor decided not to proceed.
The company reports progress on its Nevada North Lithium Project, highlighting a successful drill program, resource update, and ongoing Preliminary Economic Assessment (PEA). The Bureau of Land Management has approved their Exploration Plan of Operations permit, and the PEA is expected to be completed by end of Q2 2025.
To secure funding, Surge announces a non-brokered private placement of 10,000,000 units at $0.30 per unit, targeting gross proceeds of $3,000,000. Each unit includes one common share and a three-year warrant at $0.45 per share. Current shareholders are contributing $2,500,000 to the placement.
Surge Battery Metals (OTCQX: NILIF) annuncia che le trattative con un investitore privato strategico statunitense per il finanziamento attraverso uno studio di fattibilità bancabile sono fallite a causa delle restrizioni del framework normativo della TSXV. Nonostante gli sforzi per risolvere le problematiche, l'investitore ha deciso di non procedere.
L'azienda riporta progressi sul suo Progetto Litio Nevada North, evidenziando un programma di perforazione di successo, un aggiornamento delle risorse e una Valutazione Economica Preliminare (PEA) in corso. Il Bureau of Land Management ha approvato il loro permesso per il Piano di Operazioni di Esplorazione, e la PEA è prevista per essere completata entro la fine del secondo trimestre del 2025.
Per garantire finanziamenti, Surge annuncia un collocamento privato non mediato di 10.000.000 di unità a $0,30 per unità, mirando a ricavi lordi di $3.000.000. Ogni unità include un'azione comune e un warrant di tre anni a $0,45 per azione. Gli azionisti attuali stanno contribuendo con $2.500.000 al collocamento.
Surge Battery Metals (OTCQX: NILIF) anuncia que las negociaciones con un inversor privado estratégico basado en EE. UU. para financiamiento a través de un estudio de viabilidad bancable han fracasado debido a las restricciones del marco normativo de TSXV. A pesar de los esfuerzos para resolver los problemas, el inversor decidió no continuar.
La empresa informa sobre avances en su Proyecto de Litio Nevada North, destacando un exitoso programa de perforación, una actualización de recursos y una Evaluación Económica Preliminar (PEA) en curso. La Oficina de Administración de Tierras ha aprobado su permiso para el Plan de Operaciones de Exploración, y se espera que la PEA se complete a finales del segundo trimestre de 2025.
Para asegurar financiamiento, Surge anuncia un colocación privada no intermediada de 10,000,000 de unidades a $0.30 por unidad, con un objetivo de ingresos brutos de $3,000,000. Cada unidad incluye una acción común y un warrant de tres años a $0.45 por acción. Los accionistas actuales están contribuyendo con $2,500,000 a la colocación.
Surge Battery Metals (OTCQX: NILIF)는 미국에 기반을 둔 전략적 개인 투자자와의 자금 조달을 위한 협상이 TSXV 정책 프레임워크 제약으로 인해 실패했다고 발표했습니다. 문제를 해결하기 위한 노력에도 불구하고 투자자는 진행하지 않기로 결정했습니다.
회사는 네바다 노스 리튬 프로젝트에 대한 진전을 보고하며, 성공적인 시추 프로그램, 자원 업데이트 및 진행 중인 예비 경제 평가(PEA)를 강조합니다. 토지 관리국(Bureau of Land Management)은 그들의 탐사 운영 계획 허가를 승인했으며, PEA는 2025년 2분기 말까지 완료될 것으로 예상됩니다.
자금을 확보하기 위해 Surge는 중개인 없는 사모 배치로 10,000,000개의 유닛을 유닛당 $0.30에 배치하며, 총 수익 목표는 $3,000,000입니다. 각 유닛은 하나의 보통주와 $0.45의 주식에 대한 3년 만기의 워런트를 포함합니다. 현재 주주들은 배치에 $2,500,000를 기여하고 있습니다.
Surge Battery Metals (OTCQX: NILIF) annonce que les négociations avec un investisseur privé stratégique basé aux États-Unis pour un financement par le biais d'une étude de faisabilité bancable ont échoué en raison des contraintes du cadre politique de la TSXV. Malgré les efforts pour résoudre les problèmes, l'investisseur a décidé de ne pas poursuivre.
L'entreprise fait état de progrès sur son Projet Lithium Nevada North, mettant en avant un programme de forage réussi, une mise à jour des ressources et une évaluation économique préliminaire (PEA) en cours. Le Bureau de la gestion des terres a approuvé leur permis de Plan d'Opérations d'Exploration, et la PEA devrait être terminée d'ici la fin du deuxième trimestre 2025.
Pour sécuriser un financement, Surge annonce un placement privé non médié de 10 000 000 d'unités à 0,30 $ par unité, visant des produits bruts de 3 000 000 $. Chaque unité comprend une action ordinaire et un bon de souscription de trois ans à 0,45 $ par action. Les actionnaires actuels contribuent à hauteur de 2 500 000 $ au placement.
Surge Battery Metals (OTCQX: NILIF) gibt bekannt, dass die Verhandlungen mit einem strategischen, in den USA ansässigen privaten Investor über die Finanzierung durch eine bankfähige Machbarkeitsstudie aufgrund von Einschränkungen des TSXV-Rahmenwerks gescheitert sind. Trotz Bemühungen, die Probleme zu lösen, entschied sich der Investor, nicht fortzufahren.
Das Unternehmen berichtet über Fortschritte bei seinem Nevada North Lithium Projekt und hebt ein erfolgreiches Bohrprogramm, ein Ressourcenupdate und eine laufende vorläufige Wirtschaftlichkeitsbewertung (PEA) hervor. Das Bureau of Land Management hat ihren Genehmigungsantrag für den Explorationsplan genehmigt, und die PEA soll bis Ende des zweiten Quartals 2025 abgeschlossen sein.
Um die Finanzierung zu sichern, kündigt Surge eine nicht vermittelte Privatplatzierung von 10.000.000 Einheiten zu je 0,30 $ pro Einheit an, mit einem Ziel von Bruttoeinnahmen von 3.000.000 $. Jede Einheit umfasst eine Stammaktie und einen dreijährigen Warrant zu 0,45 $ pro Aktie. Aktuelle Aktionäre tragen 2.500.000 $ zur Platzierung bei.
- Received approval from Bureau of Land Management for Exploration Plan of Operations permit
- Secured $2.5M commitment from existing shareholders in new financing
- PEA work progressing positively with completion expected in Q2 2025
- Successfully completed drill program and resource update
- Strategic investor funding deal fell through due to regulatory constraints
- Need to raise additional capital through dilutive private placement
- 8% cash commission payable on portion of private placement reducing net proceeds
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
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: info@surgebatterymetals.com
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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FAQ
What is the size and price of Surge Battery Metals (NILIF) private placement announced in March 2025?
When will Surge Battery Metals (NILIF) complete its Preliminary Economic Assessment (PEA)?
What are the terms of NILIF's warrant offering in the March 2025 private placement?
Why did the strategic funding deal for Surge Battery Metals (NILIF) fall through?
