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Surge Exploration Inc ( (TSE:NILI) ) has provided an announcement.
Surge Battery Metals Inc. has launched a non-brokered listed issuer financing exemption (LIFE) private placement to raise approximately $15 million through the sale of 16.67 million units at $0.90 each, with each unit comprising one common share and a half warrant exercisable at $1.35 for three years. The proceeds will fund additional costs for the preliminary feasibility and definitive feasibility studies at its Nevada North Lithium Project and bolster working capital, a move management frames as strengthening the balance sheet and enabling more aggressive advancement of exploration and technical work, which could enhance the company’s position in the growing domestic lithium supply chain in Nevada; the financing remains subject to TSX Venture Exchange approval and may include customary finders’ fees and warrants for intermediaries.
The most recent analyst rating on (TSE:NILI) stock is a Hold with a C$0.95 price target. To see the full list of analyst forecasts on Surge Exploration Inc stock, see the TSE:NILI Stock Forecast page.
Spark’s Take on TSE:NILI Stock
According to Spark, TipRanks’ AI Analyst, TSE:NILI is a Neutral.
The score is primarily held back by very weak financial performance (no revenue, recurring losses, and ongoing cash burn), despite the benefit of zero debt. Technicals are supportive with a strong uptrend, but overbought RSI increases pullback risk. Valuation is not compelling given negative earnings and no dividend yield provided.
To see Spark’s full report on TSE:NILI stock, click here.
More about Surge Exploration Inc
Surge Battery Metals Inc. is a Canadian-based mineral exploration company focused on securing domestic lithium supply through its Nevada North Lithium Project in the United States. The company explores for clean, high-grade lithium energy metals critical for electric vehicle batteries, and is listed on the TSX Venture Exchange in Canada and the OTCQX market in the U.S., positioning it as an emerging player in North American lithium exploration.
Average Trading Volume: 1,204,622
Technical Sentiment Signal: Buy
Current Market Cap: C$191M
For detailed information about NILI stock, go to TipRanks’ Stock Analysis page.