Surge Battery Metals Announces $7,160,000 Non-Brokered Private Placement Including a Strategic Equity Investment from American Lithium Corp.

VANCOUVER, BC / ACCESSWIRE / June 1, 2023 / Surge Battery Metals Inc. (the "Company" or "Surge") (TSXV:NILI)(OTC PINK:NILIF)(FRA:DJ5C) is pleased to announce a non-brokered private placement (the "Private Placement") of up to 17,900,000 units (the "Units") at a price of $0.40 per Unit. Each Unit will consist of one common share and one share purchase warrant (the "Warrants"). Each share purchase warrant will be exercisable for a period of three years from the date of issuance at a price of $0.55 per share. The Private Placement may close in tranches.

The Private Placement includes a strategic equity investment by American Lithium Corp. (NASDAQ: AMLI, TSXV: LI), a lithium exploration and development company. Upon completion of the Private Placement, American Lithium Corp. will own approximately 9.9% of Surge's issued and outstanding common shares on a non-diluted basis. In conjunction with closing American Lithium Corp.'s portion of the Private Placement, Ted O'Connor, Executive VP of American Lithium Corp., will be appointed to the Board of Directors of the Company.

Mr. Greg Reimer, Chief Executive Officer, and Director commented "We are excited to have American Lithium Corp. take this position in our company. As a lithium exploration and development company they have considerable expertise in the lithium space, particularly in Nevada. With this investment, Surge continues to build its expertise as we advance our Nevada North Lithium Project".

The proceeds of the Private Placement will be used for advancement and development of the Company's existing Nevada North Lithium Project and for general working capital purposes.

All securities issued in connection with the Private Placement are subject to a four month and a day hold period in accordance with applicable Securities Laws.

The Private Placement is subject to the approval of the TSX Venture Exchange.

About American Lithium Corp.

American Lithium is actively engaged in the development of large-scale lithium projects within mining-friendly jurisdictions throughout the Americas. The Company is currently focused on enabling the shift to the new energy paradigm through the continued development of its strategically located TLC lithium claystone project in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium and Macusani uranium development-stage projects in southeastern Peru. All three projects, TLC, Falchani and Macusani have been through robust preliminary economic assessments, exhibit strong significant expansion potential and enjoy strong community support. Pre-feasibility work has now commenced at TLC and Falchani.