Mr. Tim Fernback reports
SURGE CLOSES PRIVATE PLACEMENT
Further to the news release of Sept. 10, 2019,
Surge Exploration Inc. has closed a non-brokered private placement financing offering of six million non-flow-through units and two million flow-through units both at a price of five cents per unit for gross proceeds of $400,000.
Each NFT unit and FT unit are composed of one common share of the company and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of five cents per share for a period of two years from closing, subject to TSX Venture Exchange approval.
The company also paid finders' fees in the amount of one million shares in connection with the private placement. All finders' fees are subject to exchange approval.
All securities issued in connection with the private placement are subject to a four-month-and-a-day hold period expiring on Jan. 13, 2020, in accordance with applicable Canadian securities laws.
The proceeds from the FT units will be used to advance the company's B.C. properties. The proceeds from the NFT units will be used for exploration activities and for general working capital purposes.
Surge Exploration Inc.
The company is a Canadian-based mineral exploration company which has been active in the resource sector in British Columbia and elsewhere in Canada.
We seek Safe Harbor.
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