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Surface Metals Inc. (CSE: SUR,OTC:SURMF) (OTCQB: SURMF) (the "Company", or "Surface Metals") announced today that the Company has closed a first tranche of its non-brokered private placement financing, previously announced on October 20, 2025. The Company issued 1,600,000 units (the "Units") at $0.20 CAD per Unit for aggregate gross proceeds of $320,000 CAD.
Each Unit is comprised of one (1) common share and one-half of one (1) transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.40 for two (2) years from closing of the Offering.
The Issuer intends to use the proceeds of the offering to fund technical work at its Nevada gold and lithium projects, as well as for general working capital purposes.
Finder's fee of $10,500 and 52,500 finder's warrants were paid to arm's lengths parties in connection with the Offering (each finder's warrant exercisable on the same terms as the warrants forming part of the Units).
All securities that are issued pursuant to the offering are subject to, among other things, a hold period of four months and one day in accordance with applicable Canadian securities laws.
About Surface Metals Inc.
Surface Metals Inc. (CSE: SUR,OTC:SURMF) (OTCQB: SURMF) is a North American mineral exploration company focused on advancing a diversified portfolio of gold and lithium projects in Nevada, USA, and Manitoba, Canada. The Company's Cimarron Gold Project is located in Nye County, Nevada, in a historically productive gold district. It's Clayton Valley Lithium Brine Project hosts an inferred resource of approximately 302,900 tonnes LCE adjacent to Albemarle's Silver Peak Mine. Surface Metals also holds additional lithium assets in Fish Lake Valley, Nevada, and through a joint venture with Snow Lake Energy in southeastern Manitoba.
On behalf of the Board of Directors,
Steve Hanson
Chief Executive Officer, President, and Director
Telephone: (604) 564-9045
info@surfacemetals.com
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release contains certain statements which may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). These include statements regarding the amount of funds to be raised under the Offering, and the use of such funds. There is no guarantee the Offering will be completed on the terms outlined above, or at all. Use of funds is subject to the discretion of the Company's board of directors, and as such may be used for purposes other than as set out above. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276222
