11:09 AM EDT, 05/31/2024 (MT Newswires) -- Surge Copper ( SRGXF ) said Friday it closed its previously announced $3.9 million strategic private placement.

Under the offering, African Rainbow Minerals subscribed for 41.37-million shares of Surge at $0.095 apiece, representing a 15% stake in Surge.

Surge said it will use the proceeds to advance the Berg project in British Clolumbia, exploration, and for working capital and general corporate purposes.

The company has engaged ALS Metallurgy Kamloops to complete a comprehensive metallurgical test work program for the project.

According to Surge, the program will run for about six months and is designed to advance flow sheet design parameters and confirm metal recoveries acceptable for use in a prefeasibility study.

Surge's shares were last seen down $0.01 to $0.18 on the TSX Venture Exchange.

Price: 0.18, Change: -0.01, Percent Change: -5.26