08:11 AM EDT, 07/07/2025 (MT Newswires) -- Surge Copper ( SRGXF ) on Monday said it will raise up to $6.4 million in a non-brokered equity offering to support the development at its flagship Berg Project.

"The Offering is anchored by strong participation from existing shareholders, including a strategic investor increasing its ownership to up to 19.9%," said the company.

The offering will be completed through two concurrent private placements. One of them is a non-brokered private placement or a LIFE offering of up to 14.3 million common shares at a price of $0.175 per share for gross proceeds of up to $2.5 million, which is expected to close in two to three weeks.

Along with that, the company stated that there will be a concurrent strategic investment or a parallel private placement of common shares at a price of $0.175 per share by a "significant" existing strategic investor, who holds participation rights and intends to increase its ownership to up to 19.9% of the company's shares post-financing. The company noted that this component could raise up to $3.9 million depending on final allocation and is expected to close within four to six weeks.

The company may elect to increase the size of the LIFE offering based on demand, added the company.

The net proceeds of the offering will be used to fund engineering, environmental, and early-stage permitting activities at the Berg Project, added the company. A portion of the proceeds will also be allocated to general working capital.

A company statement noted that it is targeting completion of a Preliminary Feasibility Study and commencement of early-stage permitting activities, including Environmental Assessment readiness preparation, as part of its 2025 work program.

The company further added that planning for these initiatives is "well" underway, with technical scoping, team resourcing, and strategic frameworks being finalized.