Surge Battery raising $30 million for Nevada lithium project – Resource World Magazine

Surge Battery raising $30 million for Nevada lithium project – Resource World Magazine

Surge Battery Metals Inc. [NILI-TSXV, NILIF-OTC, DJ5C-FRA] has announced a strategic financing via a non-brokered private placement that aims to raise $30 million, with an option to upsize to $36 million. If the private placement of up to 50 million units priced at 60 cents each is fully subscribed, it will fully fund the company’s Nevada North Lithium Project in Nevada to a construction decision. The financing is led by Brian Paes-Braga, Managing Partner of SAF Group, a global structured credit and merchant banking firm, and head of SAF Capital Partners, the growth equity arm of SAF Group and Michael Hess, CIO of Hess Capital – both of whom will be joining and co-leading Surge’s Strategic Advisory Board. In connection with the financing, SAF Group is expected to be granted the right to appoint two members to the Surge board of directors. Paes-Braga is the founder and former CEO of Lithium X Energy Corp., a company that was acquired for $265 million in an all-cash transaction in 2018. Under the terms of the financing, each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at an exercise price of 90 cents for three years from the date of issuance. The company reserves the right to increase the size of the offering by up to 10 million additional units, for gross proceeds of $36 million. On Wednesday, Surge Battery shares were unchanged at 76 cents and trade in a 52-week range of $1.04 and 22.5 cents. Surge Battery’s key asset is a100% interest in the Nevada North lithium project. It consists of 303 mineral claims, located in the Granite Range southeast of Jackpot, about 73 kilometres north-northeast of Wells, Elko County, Nevada. Nevada North is a joint venture formed by Surge and Australian company Evolution Mining Ltd. Surge holds a 72.5% interest in the project. Evolution Mining holds the other 27.5%. Evolution’s key asset in Canada is the gold mining operations at Red Lake, Ont. In a press release on April 1, 2026, Surge Battery said the joint venture has launched an advanced metallurgical optimized program with Kemetco Research Inc. to support the ongoing pre-feasibility study at Nevada North. It said the first three rounds of drilling at the project identified a strongly mineralized zone of lithium-bearing clays occupying a strike length of 4,300 metres and a known width of greater than 1,500 metres. In a subsequent release on May 14, 2026, the company said it has established an initial high-grade measured and indicated resource of 657 million tonnes of grade 3,007 ppm LI, containing 10.5 million tonnes of lithium carbonate equivalent. Surge Battery recently submitted an application to list its common shares on the Nasdaq Capital Market, in a move to increase its viability with U.S. institutional and retail investors.