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Surge Copper Corp. has amended the terms of the financing announced on September 29, 2020. The Company has had very strong individual and institutional investor demand for the financing, including participation by Altius Resources Inc. and 6 other resource focused institutions, and has increased the flow-through component from C$5,454,545 to C$6,000,000. The total interest in the financing was multiples of the total placement size, including the participation of over 50 entities. The new board and advisory members are subscribing to approximately half of the financing.<\/p>\n
Amended <\/strong>Financing<\/strong> The gross proceeds from the flow-through unit offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ as those terms are defined in the Income Tax Act<\/em> which will be renounced to the initial purchasers of the flow through shares. The net proceeds of the Offering will be used to expedite and expand upcoming drilling at the Ootsa Property, to identify and advance new exploration opportunities, and for general corporate and working capital needs.<\/p>\n The HD Units are expected to close on or around October 9, 2020, and the FT Units are expected to close on or around October 23, 2020. This financing is subject to final TSX Venture Exchange approval. <\/p>\n Ootsa Drilling<\/strong> Update<\/strong> About Surge Copper Corp.<\/strong> On February 9, 2016, the Company announced a positive Preliminary Economic Assessment (PEA) for the Ootsa Property with potential for low capital cost, low risk<\/strong> and rapid pay back<\/strong> utilizing existing infrastructure in the district with a contract mining and toll milling scenario. The Company currently has no agreement in place to access the existing mining and milling infrastructure in the district.<\/p>\n Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.<\/p>\n ON BEHALF OF THE BOARD OF DIRECTORS<\/strong><\/p>\n “Shane Ebert” For Further information, please contact: Or Tags:<\/b> \u201cShane Ebert\u201d
Total proceeds of the non-brokered private placement will still be C$6.5 million with the amended offering consisting of up to 3,846,154 units priced at C$0.13 per unit for gross proceeds up to C$500,000 (the “HD Units”) and 40,000,000 flow-through units priced at C$0.15 for gross flow through proceeds of up to C$6,000,000 (the “FT Units”). Each HD Unit is comprised of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire an additional common share of the Company at an exercise price of C$0.17 per share for a period of three years from the closing date of the private placement. Each FT Unit will consist of one flow-through share and one share purchase warrant entitling the holder to purchase an additional non-flow-through common share at a price of C$0.17 for a period of three years. <\/p>\n
Planning is underway to mobilize a drill rig to the Ootsa property to drill test a new geophysical target recently discovered on the east side of the Seel trend, among other exploration targets and resource expansion drilling. A field crew will be dispatched to Ootsa next week to begin making preparations. Details of the full drill program will be announced in the next few weeks. The project has full exploration permits in good standing until March 31, 2023, and is supported by all-season camp facilities and road.<\/p>\n
The Company owns a 100% interest in the Ootsa Property, an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry deposits located adjacent to the open pit Huckleberry Copper Mine. The property contains NI 43-101 compliant resources of 224 million tonnes in the Measured and Indicated categories with contained metals of 1.1 billion pounds of copper, 1 million ounces of gold, and 20 million ounces of silver as summarized in the table below.<\/p>\n
President and Chief Executive Officer<\/p>\n
Telephone: 250-964-2699
info@surgecopper.com
http:\/\/www.surgecopper.com<\/p>\n
Don Mosher
Corporate Development
Telephone: 604-685-6465
don@surgecopper.com<\/p>\nSee Campaign: <\/strong>http:\/\/www.surgecopper.com<\/a>
Contact Information:<\/b>
“Shane Ebert”
\nPresident and Chief Executive Officer<\/p>\n
<\/a>, Wire<\/a>, Disclosure Newswire<\/a>, United States<\/a>, English<\/a><\/p>\n<\/div>\n
\nContact Information:<\/h3>\n
\nPresident and Chief Executive Officer<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"Surge Copper Corp. has amended the terms of the financing announced on September 29, 2020. The Company has had very strong individual and institutional investor demand for the financing, including participation by Altius Resources Inc. and 6 other resource focused institutions, and has increased the flow-through component from C$5,454,545 to C$6,000,000. The total interest in … Continue reading Surge Copper Amends the Terms of Its Recently Announced Financing, While Ootsa Drill Preparations Are Underway<\/span><\/a> Continue Reading