Surge Copper Corp. (TSXV: SURG) closed the final tranche of its $20 million private placement, raising approximately $4 million through the issuance of 7.96 million units.

The final tranche consisted of a single subscription from African Rainbow Minerals Limited, an insider of the company. Each unit includes one common share and one common share purchase warrant. The transaction constitutes a related party transaction under securities regulations, though the company relied on exemptions from formal valuation and minority shareholder approval requirements.

The company plans to use proceeds to advance its mineral exploration and development projects, including the Berg and Ootsa projects, along with working capital and general corporate purposes. The Berg Project hosts a copper-molybdenum-silver deposit in central British Columbia with a projected mine life exceeding 30 years.

Securities issued under the offering are subject to a four-month statutory hold period under Canadian securities laws. No finder's fees were paid in connection with the final tranche.

The company also controls the Ootsa Property, which is adjacent to the past-producing Huckleberry Mine. Surge Copper is currently advancing a Pre-Feasibility Study for the Berg Project to define technical and economic parameters.

The information is based on a company press release issued April 27, 2026.