Surge Closes First Tranche of Private Placement for $5,360,000 and Welcomes Ted O'Connor to Board of Directors
WEST VANCOUVER, BC / ACCESSWIRE / June 12, 2023 / Surge Battery Metals Inc. (the "Company" or "Surge") (TSXV:NILI)(OTC:NILIF)(FRA:DJ5C) announces that it has closed the first tranche of its private placement (the "Private Placement"), announced by …
WEST VANCOUVER, BC / ACCESSWIRE / June 12, 2023 / Surge Battery Metals Inc. (the "Company" or "Surge") (TSXV:NILI)(OTC:NILIF)(FRA:DJ5C) announces that it has closed the first tranche of its private placement (the "Private Placement"), announced by way of news release on June 1, 2023. This first tranche of the Private Placement, for proceeds of $5,360,000, represented a strategic investment by American Lithium Corp. (NASDAQ:AMLI, TSXV:LI) ("American Lithium"). This investment represents the full commitment from American Lithium in respect of the Private Placement, and American Lithium now holds approximately 9.7% of the total issued and outstanding shares of the Company.
It is anticipated that the second and final tranche of the Private Placement will close shortly.
As a result of closing the first tranche of the Private Placement, American Lithium has been issued 13,400,000 units (the "Units") at a price of $0.40 per Unit with each Unit being comprised of one common share and one share purchase warrant (the "Warrants"). Each Warrant is exercisable for a period of three years from the date of issuance at a price of $0.55 per share. The securities comprising the Units and any shares underlying the Warrants may not be sold until October 10, 2023 (being four months and a day from their issuance).
As a condition of its participation in the Private Placement, American Lithium received certain rights to nominate a nominee to the Board of Directors of the Company. American Lithium has nominated Ted O'Connor, its Executive VP, who has been appointed to the Board of Directors. Ted is a professional geoscientist and brings more than 30 years of experience in the exploration industry to the Company, he has extensive knowledge of different styles of lithium mineralization and has worked directly on American Lithium's TLC Claystone Project for over 2 years since joining American Lithium
Mr. Greg Reimer, Chief Executive Officer, and Director commented "We are pleased to welcome Ted O'Connor to our board. Ted brings a wealth of knowledge and experience to Surge and will assist greatly as we further develop our Nevada North Lithium Project."
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In connection with the appointment of Mr. Ted O'Connor to the Company's Board of Directors, the Company has received the resignation from Mr. Gordon Jung as a director of the Company. The Company wishes to thank Mr. Jung for his contributions to the Company as a director and wishes him well in his future endeavors.