Surge Battery Confirms Related Party Transaction
Vancouver, BC TheNewswire - July 13, 2021 Surge Battery Metals Inc. (the "Company" or Surge) ( TSXV:NILI ) , ( OTC: NILIF) announces that further to its news release dated July 8, 2021, whereby the Company entered into a n option agreement with Nickel Rock Resources Inc. (Nickel Rock) dated July 7, 2021 (the Agreement), to earn an undivided 80% interest in certain Hard Nickel and Nickel 100 group of claims, located in Northern British Columbia (the Transaction), the Company confirms that the Transaction is a related party transaction. Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (" MI 61-101 "), the Option Agreement constitutes a "related party transaction" due to the fact that CFO and Corporate Secretary are also the CFO and Corporate Secretary of Nickel Rock. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company''s market capitalization.
Surge Battery Confirms Related Party Transaction
Vancouver, BC TheNewswire - July 13, 2021 Surge Battery Metals Inc. (the "Company" or Surge) ( TSXV:NILI ) , ( OTC: NILIF) announces that further to its news release dated July 8, 2021, whereby the Company entered into a n option agreement with Nickel Rock Resources Inc. (Nickel Rock) dated July 7, 2021 (the Agreement), to earn an undivided 80% interest in certain Hard Nickel and Nickel 100 group of claims, located in Northern British Columbia (the Transaction), the Company confirms that the Transaction is a related party transaction. Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (" MI 61-101 "), the Option Agreement constitutes a "related party transaction" due to the fact that CFO and Corporate Secretary are also the CFO and Corporate Secretary of Nickel Rock. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company''s market capitalization.