News update from LiCo via email alert - Surge Exploration Closes Financing
Vancouver, BC July 19, 2018 Surge Exploration Inc. (the Company or Surge) (TSXV: SUR, OTCQB:SURJF) is pleased to announce a non-brokered private placement financing for aggregate gross proceeds of $550,000 (Offering). As a result, the Company has issued 4,500,000 units at a price of $0.10 per unit (Unit) for gross proceeds of $450,000. Each Unit consists of one common share (Share) and one share purchase warrant (the Warrant) entitling the holder to purchase an additional common share (Warrant Share) at a price of $0.15 for a period of two years expiring July 19, 2020. Additionally, the Company has issued 1,000,000 flow-through units at a price of $0.10 per flow-through unit (FT Unit) for gross proceeds of $100,000. Each FT Unit consists of one flow-through share (FT Share) and one share purchase Warrant entitling the holder to purchase an additional Share at a price of $0.15 for a period of two years expiring July 19, 2020. Proceeds received by the Company from the sale of the FT Units will be used to incur Canadian exploration expenses on the Companys properties that are qualified flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada). Proceeds received from the sale of the Units will be used in part for working capital purposes.
In connection with part of this Offering, the Company has paid cash finders fees of $47,500 to qualified arms length finders.
The securities issued pursuant to the Offering and any securities issued upon the exercise of Warrants will be subject to a statutory four month and one day hold period expiring November 20, 2018.
