Surge Copper Amends the Terms of Its Recently Announced Financing, While Ootsa Drill Preparations Are Underway
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
VANCOUVER, British Columbia, Oct. 02, 2020 (GLOBE NEWSWIRE) -- Surge Copper Corp. (the “Company” or “Surge Copper”) (TSX-V:SURG) has amended the terms of the financing announced on September 29, 2020. The Company has had very strong individual and institutional investor demand for the financing, including participation by Altius Resources Inc. and 6 other resource focused institutions, and has increased the flow-through component from C$5,454,545 to C$6,000,000. The total interest in the financing was multiples of the total placement size, including the participation of over 50 entities. The new board and advisory members are subscribing to approximately half of the financing.
Total proceeds of the non-brokered private placement will still be C$6.5 million with the amended offering consisting of up to 3,846,154 units priced at C$0.13 per unit for gross proceeds up to C$500,000 (the “HD Units”) and 40,000,000 flow-through units priced at C$0.15 for gross flow through proceeds of up to C$6,000,000 (the “FT Units”). Each HD Unit is comprised of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire an additional common share of the Company at an exercise price of C$0.17 per share for a period of three years from the closing date of the private placement. Each FT Unit will consist of one flow-through share and one share purchase warrant entitling the holder to purchase an additional non-flow-through common share at a price of C$0.17 for a period of three years.
The gross proceeds from the flow-through unit offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ as those terms are defined in the Income Tax Act which will be renounced to the initial purchasers of the flow through shares. The net proceeds of the Offering will be used to expedite and expand upcoming drilling at the Ootsa Property, to identify and advance new exploration opportunities, and for general corporate and working capital needs.
The HD Units are expected to close on or around October 9, 2020, and the FT Units are expected to close on or around October 23, 2020. This financing is subject to final TSX Venture Exchange approval.
Ootsa Drilling Update
Planning is underway to mobilize a drill rig to the Ootsa property to drill test a new geophysical target recently discovered on the east side of the Seel trend, among other exploration targets and resource expansion drilling. A field crew will be dispatched to Ootsa next week to begin making preparations. Details of the full drill program will be announced in the next few weeks. The project has full exploration permits in good standing until March 31, 2023, and is supported by all-season camp facilities and road.
About Surge Copper Corp.
The Company owns a 100% interest in the Ootsa Property, an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry deposits located adjacent to the open pit Huckleberry Copper Mine. The property contains NI 43-101 compliant resources of 224 million tonnes in the Measured and Indicated categories with contained metals of 1.1 billion pounds of copper, 1 million ounces of gold, and 20 million ounces of silver as summarized in the table below.
On February 9, 2016, the Company announced a positive Preliminary Economic Assessment (PEA) for the Ootsa Property with potential for low capital cost, low risk and rapid pay back utilizing existing infrastructure in the district with a contract mining and toll milling scenario. The Company currently has no agreement in place to access the existing mining and milling infrastructure in the district.
|Ootsa Project Pit Constrained Mineral Resource Estimate at $8.50/t NSR Cut-off Value|
The current technical report supporting the resource statement and PEA is available on SEDAR or the Company’s website at www.surgecopper.com and has an effective date of January 2016. The resource estimate uses $8.50 per tonne NSR cut-off value. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. A ‘Measured Mineral Resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. Copper Equivalent (CuEq) calculations are based on base case metal price (US$3/lb Cu, US$1260/oz Au, US$10.30/lb Mo, and US$17/oz Ag) and process recovery assumptions, and take into account smelter payable rates and refining costs. M&I = measured and indicated. The resource update and Preliminary Economic Assessment was completed by P&E Mining Consultants Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Dr. Shane Ebert P.Geo., is the Qualified Person for the Ootsa project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
For Further information, please contact:
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 contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
RESULT OF RIKSBANK CERTIFICATE SALE1.12.2020 10:15:00 CET | Press release
RESULT OF RIKSBANK CERTIFICATE SALE CERTIFICATE MATURITY201209 FIXED RATE0.00 %OFFERED VOLUME380.000 BLNTOTAL BID AMOUNT1 526.300 BLNACCEPTED VOLUME 380.000 BLN PERCENTAGE ALLOTTED 24.8970 %NUMBER OF BIDS15DEPOSIT RATE-0.10 %LENDING RATE0.10 %
Net asset value as per November 30, 20201.12.2020 10:00:00 CET | Press release
On November 30, 2020, net asset value was SEK 278 per share. The closing price on November 30, 2020, was SEK 265.00 for the Class A shares and SEK 261.60 for the Class C shares. Stockholm, December 1, 2020 AB INDUSTRIVÄRDEN (publ) For further information, please contact: Sverker Sivall, Head of Corporate Communication and Sustainability, tel. +46-8-666 64 00 Submitted for publication on December 1, 2020 at 10:00 a.m. Attachment Substansvarde_201201_eng
Substansvärdet per den 30 november 20201.12.2020 10:00:00 CET | Pressemelding
Den 30 november 2020 var substansvärdet 278 kronor per aktie. Sista stängningskurs den 30 november 2020 var 265,00 kronor för A-aktien och 261,60 kronor för C-aktien. Stockholm den 1 december 2020 AB INDUSTRIVÄRDEN (publ) För ytterligare information kontakta: Sverker Sivall, Kommunikations- och hållbarhetschef, telefon 08-666 64 00 Lämnad för publicering den 1 december 2020, kl. 10:00. Bilaga Substansvarde_201201_sve
Exercise of warrants in Better Collective A/S; Board of Directors issues 111,086 new ordinary shares1.12.2020 08:45:00 CET | Press release
Regulatory Release 44/2020 In the exercise window which opened on November 11, 2020 following Better Collective’s Q3 report and closed on November 26, 2020, 22 employees have informed the company that they wish to exercise in total 111,086 warrants under the 2017 warrant program. The 2017 warrant program was established prior to the company’s IPO and the warrants were issued in 2017 and 2018. Reference is made to schedule 2 of the company’s articles of association for detailed terms of conditions of the warrants. As of November 11, 2020, 715,708 warrants remain outstanding (excluding the warrants exercised following the Q3 report) under the 2017 warrant program, all with rights to subscribe for 1 ordinary share in Better Collective A/S against payment of an exercise price of DKK 12.962962 per warrant. Today Better Collective’s board of directors resolved to carry out the capital increase related to the exercise of warrants. The new shares will be issued through VP Securities under the
Participation Notification by Blackrock Inc.1.12.2020 08:30:00 CET | Press release
Brussels, December 1, 2020, 08:30 CET - According to Belgian transparency legislation (Law of May 2, 2007), BlackRock Inc. (55 East 52nd Street, New York, NY, 10055, U.S.A.) recently sent to Solvay the following transparency notification indicating that it crossed the threshold of 3%. Here is a summary of the move: Date on which the threshold was crossedVoting rights after the transactionEquivalent financial instruments after the transactionTotalNovember 25, 20202.61%0.39%3.00% The latest notification, dated November 26, 2020, contains the following information: Reason for the notification: acquisition or disposal of voting securities or voting rightsNotified by: BlackRock Inc. (55 East 52nd Street, New York, NY, 10055, U.S.A.)Date on which the threshold is crossed: November 25, 2020Threshold of direct voting rights crossed: 3% upwardsDenominator: 105,876,416Additional information: The disclosure obligation arose due to voting rights attached to shares for BlackRock, Inc. going above 3
Arcoma lanserar nya röntgensystemet OMNERA 500A på amerikanska marknaden1.12.2020 08:30:00 CET | Pressemelding
2020-12-01 PRESSRELEASE Arcoma lanserar nya röntgensystemet OMNERA 500A på amerikanska marknaden Arcoma AB lanserar idag det nya röntgensystemet OMNERA 500A på den amerikanska marknaden. OMNERA 500A erbjuder nya intelligenta automatiseringsfunktioner för att förbättra arbetsflödet och effektiviteten men även patientvården. OMNERA 500A erbjuder enastående prestanda och intelligent automatisering med funktioner som sätter effektivitet och patientsäkerhet främst. Systemet har ny design och ett nytt modernt användargränsnitt med smarta funktioner som förenklar arbetsflödet och är utformat för att underlätta desinficering. OMNERA 500A har också ett helt nytt väggstativ och ett uppdaterat röntgenbord som förbättrar patient- och användarupplevelsen. OMNERA 500A lanseras genom Arcomas partner Canon Medical Systems USA på den årliga mässan RSNA som i år utförs digitalt. Mässan pågår hela denna vecka. För att se det nya systemet i Canon Medical Systems digitala monter, besök deras hemsida: https