02:03 PM EDT, 09/18/2025 (MT Newswires) -- Surge Copper ( SRGXF ) on Thursday said it closed a strategic private placement with African Rainbow Minerals for gross proceeds of approximately $4.5 million.

African Rainbow Minerals purchased 25.78-million shares at $0.175 each, increasing its ownership in Surge to 19.9% following the transaction.

The company will use the proceeds from the strategic placement to advance its flagship Berg Project, support exploration activities, and provide general working capital.

"This strategic placement forms part of the larger financing that was announced earlier this summer," said Chief Executive Officer Leif Nilsson. "With the completion of all components, Surge has raised approximately C$10.4 million in aggregate. These funds will allow us to complete the pre-feasibility study for the Berg Project and achieve our environmental assessment preparedness objectives."

The company's shares were last seen up $0.03 to $0.22 on the TSX Venture Exchange.

Price: 0.22, Change: +0.03, Percent Change: +15.79