SAGA Metals Announces Closing of Oversubscribed Brokered LIFE Offering for Gross Proceeds of C$6.0 Million

Executive Summary

• Saga Metals Corp. closed a “best‑efforts” private placement raising approximately C$6 million, including full exercise of the $1 million agent’s option.
• The offering consisted of 7,761,362 units at C$0.44 each and 5,170,000 flow‑through units at C$0.50 each; each unit includes a common share and a warrant (exercise price C$0.60, expiring Dec 5 2028).
• Net proceeds will fund exploration of the Radar Project in Labrador, support working capital, and general corporate purposes, enabling the 2026 drill program aimed at delivering a maiden mineral resource estimate.

Key Details

• Units Sold: 7,761,362 units @ C$0.44 per unit → C$3,415,000 gross proceeds.
• Flow‑Through Units Sold: 5,170,000 FT units @ C$0.50 per unit → C$2,585,000 gross proceeds.
• Total Gross Proceeds: Approximately C$6,000,000 (includes $1 M agent’s option exercised).
• Warrant Terms: Each warrant allows purchase of one common share at C$0.60, exercisable any time before Dec 5 2028.
• Use of Proceeds:
• Exploration of Labrador properties (Radar Project) – primary focus on 2026 drill program to produce a maiden resource estimate.
• Working capital and general corporate purposes.
• Flow‑Through Tax Benefits: FT shares will be used for eligible Canadian exploration expenses; qualifying expenditures to be renounced to subscribers by Dec 31 2025.
• Broker Compensation: Red Cloud Securities received C$376,818.99 in cash fees plus 809,511 non‑transferable broker warrants (same exercise price and expiry as unit warrants). Statutory hold on broker warrants until Apr 6 2026.
• Finder’s Fees: $800.80 cash plus issuance of 1,820 broker warrants to a finder for President’s List investors.
• Hold Periods:
• FT units subject to voluntary hold ending April 6 2026 (four months + one day).
• Broker warrants also subject to the same hold period.
• Regulatory Notes: Offering made under NI 45‑106 exemption; securities not registered in the U.S. and cannot be offered or sold there. Closing pending final TSX Venture Exchange approval.

Notable Quotes

“We are thrilled to announce the successful closing of our oversubscribed C$6 million LIFE offering — a powerful endorsement from the market and a major milestone for the Company,” – Mike Stier, CEO & Director
“This strong vote of confidence validates our strategy and assets, and most importantly, it fully funds our high‑impact 2026 drill program to deliver a maiden mineral resource estimate on the Radar Project.” – Mike Stier, CEO & Director