African Rainbow Minerals (JSE: ARI) has increased its stake in Canadian junior Surge Copper (TSXV: SURG) by another 6.46% with the purchase of approximately 25.78 million shares.
The share purchases were made at C$0.175 each, above Surge Copper’s current market price of C$0.14 per share, for total proceeds of approximately C$4.51 million.
ARM, which mainly operates gold, platinum and coal mines in South Africa, first invested in Surge Copper in April 2024, purchasing about 39.61 million shares at C$0.095 each. It subsequently bought another 1.58 million shares at C$0.15 in June after exercising its investor rights to prevent dilution.
With the latest purchase, ARM now owns approximately 68.74 million of Surge Copper’s shares or 19.9% of those outstanding. In a statement, the African miner says it acquired the shares for investment purposes.
At market close Friday, Surge Copper had a market…
