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     149  0 Kommentare Surge Copper Announces Closing of Private Placement for $2.2M

    Vancouver, British Columbia, June 21, 2024 (GLOBE NEWSWIRE) -- Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) announces that it has closed its non-brokered private placement previously announced on June 6 and June 7, 2024, consisting of 8,966,668 special flow-through common shares (the “CFT Shares”) at a price of $0.245 per CFT Share, for gross proceeds of approximately $2.2 million (the “Offering”).

    The CFT Shares qualify as “flow-through shares” within the ‎meaning of the Income Tax Act (Canada) (the “Tax Act”)‎. The aggregate gross proceeds raised from the Offering will be used before December 31, 2025 for general exploration expenditures which will constitute “Canadian exploration expenses” that will qualify as “flow-through critical mineral mining expenditures” (each as defined in the Tax Act). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issuance of CFT Shares.

    The CFT Shares will be subject to a statutory hold period of four months and one day from the date of issuance. In connection with the Offering, the Company paid finders fees totalling approximately $4,410 to EDE Asset Management Inc.

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    One insider of the Company participated in the Offering. The insider is a related party of ‎Surge, and therefore the insider participation in the Offering is considered a “related party transaction” ‎subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special ‎Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation ‎and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(1)(a) ‎of MI 61-101 on the basis that participation in the Offering by insiders did not exceed 25% of the Company’s market capitalization.‎ The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein by the "related party" of the Company were not settled until shortly prior to the closing of the Offering, and the Company wished to close the Offering on an expedited basis for sound business reasons.

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    Surge Copper Announces Closing of Private Placement for $2.2M Vancouver, British Columbia, June 21, 2024 (GLOBE NEWSWIRE) - Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) announces that it has closed its non-brokered private placement previously announced on June …