Surge Copper Corp. (TSXV: SURG) announced it has entered into a subscription agreement with African Rainbow Minerals Ltd. for $4 million in gross proceeds, completing the second tranche of its previously announced $20 million private placement.

The investment from African Rainbow Minerals represents the exercise of participation rights under an investor rights agreement dated May 31, 2024. The private placement involves units priced at $0.50 each, with each unit consisting of one common share and one warrant.

The company reported that its Pre-Feasibility Study for the Berg Copper Project remains on track for completion in the second quarter of 2026. Surge is preparing for its 2026 field program at Berg, which will include geotechnical drilling, resource drilling, and environmental studies.

The second tranche closing is expected within four weeks, subject to regulatory approvals and TSX Venture Exchange approval, according to the company's statement.

Surge Copper management plans to attend several investor conferences through June 2026, including events in Vancouver, Quebec City, and New York City.

The Berg Project is described as a large-scale copper-molybdenum-silver deposit in central British Columbia with a projected mine life exceeding 30 years. A 2023 Preliminary Economic Assessment outlined the project as producing copper as a primary metal with molybdenum, silver, and gold by-products.

The company continues engagement with First Nations and local communities as it advances toward the regulatory environmental assessment process for the project.