African Rainbow Minerals Limited to Acquire Shares of Surge Copper Corp.

This section is Partnership Content suppliedThe content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Article contentTORONTO, March 31, 2026 (GLOBE NEWSWIRE) — African Rainbow Minerals Limited (JSE: ARI) (A2X: ARI) (“ARM”) announces that it has signed a subscription agreement (the “Subscription Agreement”) pursuant to which ARM agreed to purchase 7,960,000 units (“Units”) of Surge Copper Corp. (“Surge”) at a price of C$0.50 per Unit for total consideration of C$3,980,000 pursuant to a non-brokered private placement (the “Private Placement”). Each Unit consists of one common share (a “Common Share”) and one Common Share purchase warrant (a “Warrant”) of Surge. Each Warrant entitles the holder to purchase one additional Common Share at a price of C$1.00 per share for a period of three years from the date of issuance (subject to acceleration). The Warrants will be subject to an acceleration provision whereby, if at any time following the closing of the Private Placement the Common Shares trade at a volume-weighted average price of C$1.50 per share or greater on the TSX Venture Exchange for a period of 20 consecutive trading days, Surge may provide written notice to ARM (the “Acceleration Notice”) that the expiry date to provide notice of intention to exercise the Warrants, subject to receiving the required regulatory approvals, will be accelerated to the date that is 20 days following the date of such Acceleration Notice.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentArticle contentPrior to entering into the Subscription Agreement, ARM held 68,737,482 Common Shares, representing approximately 18.2% 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 February 26, 2026).Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentUpon completion of the Private Placement, ARM will own 76,697,482 Common Shares and 7,960,000 Warrants, representing approximately 19.9% of the issued and outstanding Common Shares on a non-diluted basis and 21.5% on a partially-diluted basis. The Warrant certificate will restrict the exercise of the Warrants thereunder if such exercise would cause ARM’s holdings to exceed 20%.Article contentARM will acquire the Common Shares and Warrants for investment purposes. ARM may from time to time acquire additional Common Shares or other securities of Surge or dispose of some or all of the Common Shares or other securities of Surge that it owns at such time.Article contentAn early warning report will be filed by ARM in accordance with applicable securities laws.Article contentAbout ARMArticle contentArticle contentARM is a South African diversified mining and minerals company with operations in South Africa. ARM mines and beneficiates iron ore, manganese ore, chrome ore, platinum group metals, nickel and coal and also has an investment in Harmony Gold Mining Company Limited.Article contentARM’s head office is located at 29 Impala Road, Chislehurston, Sandton, Johannesburg, Gauteng, South Africa 2196. Surge’s head office is located at 888-700 West Georgia Street, Vancouver, British Columbia, Canada V7Y 1G5.Article contentFor further information, or to obtain a copy of the early warning report filed by ARM in accordance with applicable securities laws, please contact:Article contentThabang Thlaku Executive: Investor Relations and New Business Development Thabang.Thlaku@arm.co.za +27 11 779 1300 Article contentArticle contentArticle contentArticle contentArticle contentArticle contentArticle contentTrending Chinese cars can’t cross from Canada to U.S., Trump’s envoy says Autos Opinion: Doug Ford hands Donald Trump a trade weapon FP Comment Suncor reveals expansion plans as key oilsands mine enters its last decade Energy Old Age Security reform is a good idea; arbitrary clawbacks are not Personal Finance Subscriber only. 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