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Strategic Investment Update
As disclosed in the Company’s July 9, 2025 news release, Surge is undertaking a private placement of common shares to a significant strategic investor who currently holds participation rights and has agreed to increase its ownership to 19.9% of the Company’s issued and outstanding shares (the “Strategic Private Placement”). The Strategic Private Placement is expected to raise approximately $4.5 million and close following completion of customary conditions, including TSX Venture Exchange acceptance and certain foreign regulatory approvals in South Africa.
The Company has now executed the subscription agreement in respect of the Strategic Private Placement and initiated the regulatory approval process in South Africa. Conditional acceptance for the Strategic Private Placement was previously granted by the TSX Venture Exchange, and it is anticipated that the transaction will close within approximately four weeks, following receipt of regulatory approvals in South Africa.
Common shares issued under the Strategic Private Placement will be subject to a statutory four-month plus one day hold period.
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