African Rainbow Minerals Limited to Acquire Shares of Surge Copper Corp.
On July 18, 2024, pursuant to an investor rights agreement between ARM and Surge dated May 31, 2024, ARM exercised in full its rights in connection with a non-brokered private placement completed by Surge on June 21, 2024, and purchased a total of 1,582,353 Common Shares at a price of C$0.15 per common share for a total purchase price of approximately C$237,352.95 (the 'Top-up Offering'). Prior to entering into the Subscription Agreement, ARM held 42,955,767 Common Shares, representing approximately 13.44% of the issued and outstanding Common Shares on a non-diluted basis (taking into account the number of Common Shares issued in connection with the private placement completed by Surge on July 29, 2025).
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