Surface Metals closes first tranche of private placement for C$320,000

Surface Metals Inc. (CSE: SUR) (OTCQB: SURMF) closed the first tranche of its non-brokered private placement financing, issuing 1,600,000 units at C$0.20 per unit for gross proceeds of C$320,000.

Each unit consists of one common share and half of one transferable common share purchase warrant. Each whole warrant allows the holder to purchase one additional common share at C$0.40 for two years from the closing date.

The company plans to use proceeds to fund technical work at its Nevada gold and lithium projects and for general working capital purposes. The private placement was initially announced on October 20, 2025.

Surface Metals paid C$10,500 in finder's fees and issued 52,500 finder's warrants to arm's length parties in connection with the offering. The finder's warrants carry the same terms as the warrants included in the units.

All securities issued under the offering are subject to a hold period of four months and one day under Canadian securities laws.

Surface Metals is a mineral exploration company with gold and lithium projects in Nevada and Manitoba. The company's portfolio includes the Cimarron Gold Project in Nye County, Nevada, and the Clayton Valley Lithium Brine Project, which has an inferred resource of approximately 302,900 tonnes lithium carbonate equivalent.

You May Also Be Interested In

• Citi upgrades O-I Glass to Buy with $9 price target, opens 90-Day upside catalyst watch
• BMO Capital Starts Marvell (MRVL) at Outperform
• Wolfe Research sees strong S&P 500 earnings momentum