Surge Copper increases private placement to $20 million

Surge Copper Corp. (TSXV: SURG) announced it has increased the size of its previously announced non-brokered private placement to $20 million from an undisclosed smaller amount.

The offering will consist of 40 million units priced at $0.50 per unit. Each unit includes one common share and one warrant, though specific warrant terms were not detailed in the announcement made February 11.

"We appreciate the continued support from existing shareholders and the participation of new long-term investors," said Chief Executive Officer Leif Nilsson. "The decision to increase the size of the financing reflects constructive demand and alignment around the development pathway at Berg."

A strategic investor that entered into an investor rights agreement with Surge Copper in May 2024 has the right to participate in the offering to maintain its ownership interest, subject to regulatory limits. The strategic investor's participation requires foreign regulatory approvals and remains subject to a 19.9% ownership limitation.

Surge Copper plans to use the net proceeds to advance its mineral exploration and development projects, including the Berg and Ootsa projects, as well as for working capital and general corporate purposes.

The offering is expected to close around February 26, 2026, subject to customary closing conditions including TSX Venture Exchange conditional acceptance. The company may pay finder's fees equal to 6% of eligible funds raised but will not issue broker warrants.

Surge Copper operates copper-molybdenum projects in British Columbia, with its Berg Project hosting what the company describes as a large-scale deposit. The company is advancing a pre-feasibility study on the Berg Project.

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