VANCOUVER, British Columbia, Oct. 10, 2025 (GLOBE NEWSWIRE) -- SAGA Metals Corp. ("SAGA" or the "Company") (TSXV:SAGA) (OTCQB:SAGMF) (FSE: 20H), a North American exploration company focused on critical minerals, is pleased to announce the closing of its previously announced non-brokered private placement pursuant to which the Company raised aggregate gross proceeds of C$2,988,024.64 (the "Offering").
Pursuant to the Offering, the Company issued (i) 7,100,088 flow-through common share units of the Company (the "FT Units") at C$0.28 per FT Unit for gross proceeds of C$1,988,024.64, and (ii) 4,000,000 hard dollar common share units of the Company (the "HD Units", and together with the FT Units, the "Securities") at C$0.25 per HD Unit for gross proceeds of C$1,000,000.
Financing Overview:
Each FT Unit consists of one flow-through common share as defined in subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"), and one-half of one transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle its holder to purchase one common share in the capital of the Company (a "Warrant Share") at a price of C$0.50 until October 10, 2027. The Warrant Shares underlying the FT Units will not qualify as "flow-through shares" under the Tax Act.
Each HD Unit consists of one common share and one-half of one Warrant. Each whole Warrant will entitle its holder to purchase one Warrant Share at a price of C$0.50 until October 10, 2027.
Each of the Warrants will be subject to the right of the Company to accelerate the expiry date of the Warrants to a date that is 30 days following dissemination of a news release announcing such acceleration if, at any time, after October 10, 2025 (the "Closing Date"), the closing price of the Company's common shares equals or exceeds C$0.75 for a period of ten consecutive trading days on the TSX Venture Exchange (the "Exchange").
All securities issued in connection with the Offering are subject to a hold period of four months and one day following the Closing Date pursuant to applicable securities laws, expiring February 11, 2026.
The Company paid cash finder's fees in the aggregate amount of $130,003 and issued an aggregate of 478,204 finder's warrants in connection with the Offering. Each finder's warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.50 per share for a period of 24 months from the Closing Date.
The gross proceeds from the FT Units will be used by the Company for "Canadian exploration expenses" that are "flow-through critical mineral mining expenditures" (as such terms are defined in the Tax Act) on the Company's Canadian mineral resource properties. The net proceeds of the HD Units will be used by the Company for administrative and general working capital, which may include investor relations activities.
The securities of SAGA have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold, within the United States, unless exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws are available.
No securities regulatory authority has reviewed or ...
