Surface Metals (OTCQB:SURMF) is raising C$800,000 ($875,386) through a non-brokered private placement to fund exploration across its Nevada portfolio, prospective for gold and lithium.
The company will issue 4 million units at C$0.20, each comprising one share and one-half purchase warrant.
Shareholders will be entitled to acquire an additional share at C$0.40 across a two year period from the closing of the offering, per each warrant held.
Funds will be used to cover exploration costs at the Cimarron Gold Project, as well as covering maintenance and development costs for the Clayton and Fish Lake Valley lithium projects, all located in Nevada, US.
As reported by Mining.com.au, the company recently expanded its mineral exploration coverage to incorporate Nevada’s gold supply, since rebranding from its former title, ACME Lithium.
Surface Metals is a gold and lithium explorer focused on acquiring and developing projects in North America. It is also listed on the Canadian Securities Exchange with the ticker code ‘SUR’.
Write to Maddison Elliott at Mining.com.au
Images: Surface Metals
