Surge Copper Corp. (TSXV: SURG) today announced the closing of the company’s previously announced bought deal private placement. This latest round of financing brought the company gross proceeds of $14,014,125.
The bought deal private placement consisted of 4,445,000 units, which were sold at a price of $0.45 per unit. Further to this, 11,325,000 flow-through units were sold at $0.53 per unit, along with 9,775,000 charity flow-through units sold at $0.615.
Each unit consisted of one common share of Surge Copper paired with one half of a common share purchase warrant. Each flow through unit comprises one flow-through common share and a half warrant issued on a flow-through basis. Each charity flow through consists of one charity flow-through common share and a half warrant issued on a flow-through basis. The warrants issued are exercisable for a twenty-four-month period after the closing of the offering, at a price of $0.60 per warrant.
Proceeds from the offering are to be used for working capital purposes, general corporate purposes, and exploration expenditures.
Surge Copper Corp. last traded on the TSX Venture at $0.41.
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