African Rainbow Minerals Limited

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

TORONTO, 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.