SAGA Metals Announces Non-Brokered Private Placement
Executive Summary
- Saga Metals announces a non‑brokered private placement to raise up to C$2.988 million through flow‑through (FT) and hard‑dollar (HD) units.
- Proceeds will fund Canadian critical‑mineral exploration at the Radar Ti‑V‑Fe Project and provide general working capital.
- Field preparations are underway for a 15,000‑metre drill program targeting the Trapper Zone’s 3 + km strike, with drilling slated to start in early November 2025.
Key Details
- Offering Structure:
- 7,100,000 FT Units @ C$0.28 per unit → C$1.988 M gross proceeds.
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4,000,000 HD Units @ C$0.25 per unit → C$1.000 M gross proceeds.
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Unit Composition:
- FT Unit: 1 flow‑through common share + 1 transferable warrant (right to purchase ½ share at C$0.50 for 24 months).
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HD Unit: 1 common share + ½ warrant (right to purchase 1 full share at C$0.50 for 24 months).
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Warrant Acceleration Clause: Company may accelerate expiry to 30 days after a news release if the TSX‑V share price ≥ C$0.75 for ten consecutive trading days.
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Holding Period: All securities subject to a four‑month‑plus‑one‑day hold period under applicable securities laws.
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Use of Proceeds:
- FT Unit proceeds → “Canadian exploration expenses” that qualify as flow‑through critical‑mineral mining expenditures on Canadian properties.
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HD Unit proceeds → administrative and general working capital, including investor‑relations activities.
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Drill Program Preparation (Radar Ti‑V‑Fe Project – Trapper Zone):
- Field team preparing for a 15,000 m diamond drill program targeting the Trapper Zone’s oxide‑layered strike.
- Activities include enhanced trench analysis (≈504 m² completed), high‑precision GPS/laser surveying of a new 4 km access trail, and full camp infrastructure setup near Cartwright (accommodations, core shack, power, water, septic).
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Program expected to commence early November 2025.
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Previous Exploration Highlights:
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2025 winter drill program: 2,209 m across seven holes in the Hawkeye Zone intersected broad titanomagnetite‑rich oxide layers with consistent TiO₂, V₂O₅ and Fe grades; identified a “Lower Cumulate Layer” (≈300–400 m thick) with highest V₂O₅ assays in the lower 100–200 m.
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Geophysical Work: Ongoing ground‑based magnetic and VLF‑EM surveys to extend mapping of the Trapper Zone’s oxide layering, using a GSM‑19 magnetometer on a 50 m × 20 m grid.
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Qualified Person: Paul J. McGuigan, P.Geo., has reviewed and approved all technical information.
Notable Quotes
“This financing sets the stage for an advanced exploration campaign at Radar, positioning us to deliver a maiden mineral resource estimate that could become a cornerstone of North‑American critical‑mineral supply.” – Mike Stier, Chief Executive Officer
All forward‑looking statements are subject to risks and uncertainties detailed in the full release.