Surge Announces Consolidation
Vancouver, BC – May 7, 2020 – Surge Exploration Inc. (“the Company” or “Surge”) (TSXV: SUR, OTC: SURJF, FRA: DJ5C) announces that given the current market conditions and in order for Surge to better finance the Company, the Board of Directors have approved and authorize a consolidation of the Company’s issued and outstanding shares on a 10 old for 1 new basis, consolidating its 99,344,260 currently outstanding shares to 9,934,426 shares.
The Company will not be issuing fractional shares as a result of the consolidation. Instead, all fractional shares equal or greater to one-half will be rounded to the next whole share. The Company’s outstanding stock options and share purchase warrants will be adjusted upon completion of the consolidation.
The Company does not intend to change its name or seek a new trading symbol in connection with the Consolidation. The Company’s shares will continue to trade under the symbol “SUR”. The consolidation remains subject to TSX Venture Exchange approval.
A letter of transmittal will be sent to the registered shareholders providing instructions to surrender the share certificates evidencing their pre-consolidated common shares for replacement certificates of Surge representing the number of post-consolidated common shares they are entitled to as a result of the consolidation. Until surrendered, each certificate representing the pre-consolidated common shares will be deemed to represent the number of post-consolidated common shares of Surge that the holder thereof is entitled to as a result of the consolidation.
About Surge Exploration Inc.
The Company is a Canadian-based mineral exploration company which has been active in the resource sector in British Columbia and elsewhere in Canada.
Vancouver Island Caledonia (Poly Metallic) Project, British Columbia
Surge Exploration Inc. has entered into a Property Option Agreement to acquire a 100% interest in seven (7) mineral claims known as the Caledonia, Cascade and Bluebell, subject to a NSR between 1-2%. Located in the Nanaimo Mining District of northern Vancouver Island, the claims are adjacent to the joint venture partnership between Freeport-McMoRan and Northisle Copper and Gold Inc. Under the terms of this joint venture partnership agreement, Freeport-McMoRan can earn up to a 65% with C$24 million in exploration expenditures over seven years. Freeport-McMoRan is currently one of the world’s largest copper producers.
On Behalf of the Board of Directors
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward‐looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward‐looking. Forward‐looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary