Surge Copper Corp. announced that it has entered into a share purchase agreement to issue 39,608,708 common shares at a price of CAD 0.095 per share for the gross proceeds of CAD 3,762,827 on April 2, 2024. The transaction will include participation from new investor, ARM Copper Company Proprietary Limited.

Closing of the Strategic Placement is subject to certain customary conditions, including acceptance by the TSX Venture Exchange and is also subject to receipt by ARM of South African Reserve Bank approval. The strategic placement is expected to close in approximately four to six weeks. The strategic placement common shares will be subject to a statutory hold period of four months and one day from the date of issuance.