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Surge Battery Metals Up 8.1% as it Raises C$36 Million in a Non-Brokered Private Placement

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Surge Battery Metals (NILI.V) shares were last seen up 8.1% after the company on Thursday closed a non-brokered private placement of share units, raising C$36 million.

The company said iit 60-million units in the units, with each priced at C$0.60 and made up a share and a three-year warrant to buy a share of C$0.90..

"The successful closing of our strategic financing, combined with the substantial proceeds received from warrant exercises that expired in June, has strengthened Surge's balance sheet to approximately $75 million in cash," said board chair Graham Harris. "

The company plans to use proceeds to advance the Nevada North Lithium project, and for general working capital and corporate needs.

Surge shares were last seen up C$0.055 to C$0.735 on the TSX Venture Exchange.

Price: $0.74, Change: $+0.05, Percent Change: +8.09%

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