February 9, 2021: Vancouver, BC, Canada; Surge Exploration Inc. (“the Company” or “Surge”) (TSXV: SUR, OTC: SURJF, FRA: DJ5C) would like to provide its shareholders with an update on the Company and its proposed future plans for 2021.
The Company is pleased to report that due to the recently closed $2,400,000 Unit financing, the Company now has approximately $3,000,000 in order to carry out its corporate plans for 2021. With the conversion of all associated financing warrants from the recently completed Unit offering, the Company could add another $3,200,000 into the Company’s treasury, allowing it to be fully financed for 2021 and beyond.
“We are very happy that our shareholders continue to support our company and its exploration programs in Canada” comments Mr. Richard Wilson, President & CEO of Surge. “The funds that we have received recently will go towards rebranding the Company and focusing on projects for high value battery metals required for the electric vehicle (EV) market that complement our Caledonia Silver-Copper exploration project in British Columbia. Here, the Company is actively looking for both established and prospective exploration projects that seek high value metals such as nickel, lithium and cesium.” Mr. Wilson continues, “We have both the team and the funds in place to pursue additional mineral exploration assets of high quality, and we plan to build a much larger mineral exploration company focused on several key metals needed to support the manufacturing of high tech products like EVs and mobile phones.”
In additional news, the Company also announces it has granted stock options to its directors, officers, and consultants to purchase an aggregate of 4,000,000, common shares in the capital of the Company. The stock options are exercisable for a term of five years at an exercise price of $0.105 per share. All stock options are granted in accordance with the terms of the Company’s Stock Option Plan and the policies of the TSX Venture Exchange and will be subject to a hold period of four months and a day.
About 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.
Vancouver Island Caledonia (Poly Metallic) Project, British Columbia
Surge Exploration Inc. has entered into a Property Option Agreement to acquire a 100% interest in seven (7) mineral claims known as the Caledonia, Cascade and Bluebell, subject to a NSR
between 1-2%. Located in the Nanaimo Mining District of northern Vancouver Island, the claims are adjacent to the joint venture partnership between Freeport-McMoRan and Northisle Copper and Gold Inc. Under the terms of this joint venture partnership agreement, Freeport-McMoRan can earn up to a 65% with C$24 million in exploration expenditures over seven years. Freeport-McMoRan is currently one of the world’s largest copper producers.
On Behalf of the Board of Directors
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward‐looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward‐looking. Forward‐looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary.