Surge Copper Closes Final Tranche of its $20 Million Private Placement; Shares Down 4.5%
Surge Copper (SURG.V) closed the second and final tranche of its previously announced $20 million non-brokered private placement, for gross proceeds of approximately $4 million under the final tranche, and consisting of 7.96 million units, the company said on Monday.Each unit consists of one common share of the company and one common share purchase warrant, it said, adding the second and final tranche consisted of a single subscription from African Rainbow Minerals Limited, an insider of the company.The net proceeds will be used to advance the company's mineral exploration and development projects, including the Berg and Ootsa projects, as well as for working capital and general corporate purposes, said the company.The company's shares were last seen down $0.03 at $0.63 on the TSX Venture Exchange.Price: $0.63, Change: $-0.03, Percent Change: -4.55%
