SAGA Metals closes oversubscribed $10.2 million private placement

SAGA Metals Corp. (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) completed an oversubscribed non-brokered private placement raising C$10.2 million in gross proceeds, the Vancouver-based exploration company announced May 8.

The financing consisted of 15,748,441 flow-through common share units priced at C$0.65 per unit. Each unit includes one flow-through common share and one-half of one transferable warrant, with each whole warrant exercisable at C$1.10 for 24 months from closing.

"This strong demand reflects the confidence our shareholders have in our team and our portfolio of critical mineral assets," said Mike Stier, chief executive officer. "This capital raise shores up our treasury and provides the Company with the financial strength to deliver maiden resources on two projects in the near term."

SAGA paid C$550,714 in finder's fees and issued 847,252 non-transferable finder's warrants exercisable at C$1.10 per share for 24 months. The company retains the right to accelerate warrant expiry to 30 days after announcement if its share price equals or exceeds C$1.75 for ten consecutive trading days on the TSX Venture Exchange.

All securities issued carry a four-month and one-day hold period under applicable securities laws. The gross proceeds will fund Canadian exploration expenses classified as flow-through critical mineral mining expenditures on the company's Canadian mineral properties.

SAGA also signed an addendum with Capitaliz Marketing Inc. to increase its marketing campaign budget by an additional $200,000. The original agreement terms remain unchanged, with Capitaliz providing investor awareness and digital marketing services without equity-based or performance-based compensation.

SAGA focuses on critical mineral exploration across North America, with projects including the Radar Ti-V-Fe Project in Labrador, the Wolverine Heavy Rare Earth Element Project, the Double Mer Uranium Project, and the Legacy Lithium Project in Quebec.

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