Sage Potash Closes Second and Final Tranche of Unit Offering

Executive Summary

• Sage Potash closed the second and final tranche of its unit private placement, issuing 7,595,000 units at $0.20 per unit for gross proceeds of $1,519,000.
• Total issuance under the offering now stands at 65,031,000 units for aggregate gross proceeds of $13,006,200.
• Proceeds will fund key engineering recommendations, including drilling a stratigraphic hole, core analysis, testing, and related working capital needs.

Key Details

• Units Issued – Final Tranche: 7,595,000 units @ $0.20 per unit → $1,519,000 gross proceeds.
• Aggregate Offering Size: 65,031,000 units for $13,006,200 total gross proceeds.
• Unit Composition: Each unit = 1 common share + 1 non‑transferable common‑share purchase warrant.
• Warrant Terms: Warrants exercisable at $0.30 per share for three (3) years from closing date.
• Use of Proceeds:
• Implement RESPEC LLC engineering recommendations from the Preliminary Economic Assessment (drilling, core analysis, testing, engineering review).
• Working capital and general & administrative expenses.
• Finder Fees & Commissions Paid: $733,704 in cash fees; issuance of 90,000 common shares; issuance of 3,749,520 finder’s warrants (same exercise terms as unit warrants).
• Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period under applicable securities laws.
• Related Party Participation: Insiders purchased 6,025,000 units:
• J. Patricio Varas (Interim CEO) – 1,250,000 units (both tranches).
• Gordon Ellis (director) – 100,000 units (first tranche).
• Matthew Lechtzier (director) – 50,000 units (first tranche).
• David Reid (director) – 4,625,000 units (both tranches).
• Regulatory Status: TSX Venture Exchange conditionally approved the offering, pending customary final filings.

Notable Quotes

(No direct quotes were provided in the release.)