SAGA Metals Announces Filing of Final Prospectus for Critical Mineral IPO SAGA's IPO follows the announcement of the Rio Tinto partnership
SAGA Metals Announces Filing of Final Prospectus for Critical Mineral IPO
SAGA's IPO follows the announcement of the Rio Tinto partnership
VANCOUVER, British Columbia, July 15, 2024 -- Saga Metals Corp. (the “ Company” or “Saga ”), a North American
exploration company focused on critical mineral discovery in Canada, is pleased to announce that it has filed its final IPO
prospectus (the “Final Prospectus ”) with the securities regulatory authorities in each of the provinces of British Columbia,
Alberta and Ontario, for an initial public offering of units of the Company for minimum gross proceeds of C$2,500,000 (the
“Offering”). The Offering will consist of a minimum of:
i. 2,500,000 hard dollar units of the Company (the “HD Units”) at a price of C$0.40 per HD Unit;
ii. 1,041,667 standard “flow-through” units of the Company (the “Standard FT Units ”) at a price of C$0.48 per Standard FT
Unit; and
iii. 1,666,667 “charity flow-through” units of the Company (the “Charity FT Units”, and together with the HD Units and the
Standard FT Units, the “Offered Units”) at a price of C$0.60 per Charity FT Unit.
Each HD Unit consists of one common share of the Company (an “HD Share”) and one-half of one transferable common share
purchase warrant (each whole such warrant, an “ HD Warrant ”). Each HD Warrant will entitle its holder to purchase one
common share in the capital of the Company (each, a “ Warrant Share ”) at a price of C$0.60 per Warrant Share at any time
prior to 4:30 p.m. on the date that is 24 months following the closing of the Offering (the “Closing”).
Each Standard FT Unit and Charity FT Unit consists of a “flow-through share” (a “FT 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
such warrant, a “ FT Warrant ”). The FT Warrants will have the same terms as the HD Warrants and are exercisable into
common shares of the Company (“Warrant Shares ”).
The Offering is being made on a best-efforts basis led by Research Capital Corporation, as sole agent and bookrunner (the
“Agent”).
Saga received conditional approval from the TSX Venture Exchange (the “TSXV”) to list its common shares (including the HD
Shares, FT Shares and Warrant Shares) on the TSXV. Listing will be subject to the Company fulfilling all the listing
requirements and conditions of the TSXV, including prescribed distribution and financial requirements. Once final approval is
received, the Company’s common shares will commence trading under the symbol “SAGA”.
The Offering is expected to close on or about July 29, 2024, or on such other date as agreed upon between the Company and
Agent and is subject to, among other things, the receipt of customary approvals, including regulatory approvals.
“I commend the hard work from our entire team, both internal and external,” stated Mike Stier, CEO & Director of Saga Metals.
“We anticipate receiving the receipt for our final prospectus later this afternoon, after which the IPO can officially launch.”
Saga Metals is a mining exploration company focused on discovering Uranium and Lithium, while also holding additional
projects prospective for Titanium, Vanadium & High-Purity Iron as Part of North America’s Critical Mineral Strategy. The
Company is a diversified critical mineral exploration company whose principal business is the acquisition and exploration of
mineral assets that support the global green energy transition. The Company currently has four 100% owned mineral
properties in Canada.
Map of SAGA Metals Projects
Primary Property #1: Uranium in Labrador, Canada
The Double Mer Uranium Property is Saga’s primary uranium exploration project consisting of 1,024 claims covering an area of
25,600 hectares in eastern central Labrador; 90 km northeast of Happy Valley, Goose Bay, which is the subject of the Double
Mer Uranium Technical Report (available under the Company’s profile at www.sedarplus.com). Double Mer has been the
subject of substantial historical exploration, and Saga has evaluated a 14km strike of anomalous rock samples with results
including 4,280ppm of Uranium and upwards of 20,000cps from the scintillometer. The Uranium radiometrics highlight an 18
km east-west linear trend averaging approximately 500 meters in width. The property sits within the northeastern part of the
Grenville Structural Province and contains similarly linked geology to the Central Mineral Belt located just north of the property
boundary and host to other notable Uranium projects including Atha Energy and Paladin Energy as depicted in the map below.
Regional map of the Double Mer Uranium Project in Labrador, Canada
Primary Property #2: Lithium in James Bay, Quebec
The Legacy Lithium Property is Saga’s additional primary project. The Legacy Lithium project is an LCT spodumene pegmatite
lithium exploration project consisting of an aggregate of 663 claims covering an area of 34,243.76 hectares in the Eeyou
Istchee James Bay region of Quebec. These claims are subject to the Rio Tinto partnership signed on June 27, 2024. Learn
more about the Rio Tinto partnership by selecting here: SAGA Metals and Rio Tinto Sign Option to Joint Venture Agreement
for Lithium Asset in Eastern James Bay, Quebec. Saga also acquired a 100% interest in 611 mining claims covering an area
of 31,605.44 hectares called the ‘Amirault Lithium Property’ and is contiguous to Saga’s Legacy Lithium project expanding the
total contiguous land holdings to 1,274 claims spanning 65,849.20 hectares. Learn more about the Amirault Lithium Property
Acquisition by selecting here: SAGA Metals to Acquire Amirault Lithium Property in Quebec. The acquisition increases the
Company’s foothold on the striking paragneiss, all of which can be considered prospective for pegmatites following the
discovery trend of Winsome Resources, Azimut Exploration, Rio Tinto, and Loyal Lithium. To-date, Saga has confirmed a
combined 7km strike of Lithium, Cesium & Tantalum (LCT) bearing pegmatites at the Legacy Lithium Project with over 90% of
the project still to be explored.
A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
Property #3: Titanium and Vanadium in Labrador, Canada
The Radar Titanium-Vanadium Property is a secondary project focused on a titanium-vanadium layered mafic intrusion. The
exploration project consists of 690 claims covering 17,250 hectares in the Cartwright, Goose Bay region of Labrador. Saga has
identified a 3.5 km by 500 m zone of enrichment containing 6.63% titanium and nearly 4,000 ppm vanadium, as shown in the
image below.
Radar Project Hawkeye zone and corresponding geophysics cutline program overview
Property #4: Iron Ore in Labrador, Canada
The North Wind Iron Ore Property is a secondary project consisting of 255 claims covering 6,375 hectares in West Central
Labrador. This project includes 8 historical drill holes that were part of New Millennium Iron's resource estimate 43-101 in
2013. The average grade of these drill holes, now within the North Wind Iron property, was 20.74% Fe, with the highest graded
stratigraphy averaging 24.76% Fe. A property map is shown below.
Regional map of the North Wind Iron Ore Project in Labrador, Canada
The Final Prospectus contains important information relating to Saga and the Offered Units and is subject to completion or
amendment. Copies of the Final Prospectus are expected to be available under Saga’s profile on SEDAR+ at
www.sedarplus.ca or may be obtained from the Agent listed above.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Offered Units,
the HD Shares and the Warrants comprising the HD Units, the FT Shares and FT Warrants comprising the Standard FT Units
and Charity FT Units, and the Warrant Shares issuable upon exercise of the HD Warrants and FT Warrants, 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. Accordingly, the Offered Units may not be offered or sold within the United States or to U.S. persons (as
defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state
securities laws, or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state
securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Saga
in any jurisdiction in which such offer, solicitation or sale would be unlawful.
For more information about the Company’s business and mineral properties, please see the Company’s news releases dated
May 1, 2024, July 2, 2024 and July 3, 2024.
To learn more about the Company’s projects visit the projects page here and corporate video here.
To access the company’s corporate presentation select here.
A Media Snippet accompanying this announcement is available by clicking on this link.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company specializing in the exploration and discovery of critical minerals to
advance the global green energy transition. The company's flagship asset is the Double Mer Uranium project, covering 25,600
hectares on the east coast of Labrador, Canada. Uranium radiometrics reveal an 18 km east-west linear trend averaging
approximately 500 meters in width, with a confirmed 14 km section containing samples up to 4,281 ppm U3O8 and readings of
21,000 cps on a spectrometer.
Saga Metals' primary additional asset is the Legacy Lithium Property located in Quebec's Eeyou Istchee James Bay region.
This property is part of a partnership with Rio Tinto and includes the acquisition of the Amirault Lithium property. Together,
these projects cover 65,849.20 hectares and share geological continuity with Rio Tinto, Winsome Resources, Azimut
Exploration, and Loyal Lithium in the La Grande sub-province.
The company also holds two secondary assets focused on titanium, vanadium, and iron ore discovery in Newfoundland and
Labrador, Canada.
For further information, please contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: [email protected]
www.sagametals.com
Qualified Persons
Michael Cullen, P. Geo., and Rochelle Collins, P. Geo., of Mercator Geological Services Limited are each a “qualified person”
as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and have reviewed
and approved the scientific and technical content of this news release regarding the Double Mer Uranium Property.
Kamil Khobzi, P. Eng., MBA, of Kamil Khobzi & Associates Inc. is a “qualified person” as defined under NI 43-101 and has
reviewed and approved the scientific and technical content of this news release regarding the Legacy Lithium Property
Disclaimer Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical
facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”,
“believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than
statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In
particular, this news release contains forward-looking information pertaining to the proposed Offering and the Company’s plans
with respect to its mineral exploration properties. There can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the
state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental
approvals, environmental risks, limitations on insurance coverage, failure to satisfy closing conditions in respect of the Offering,
risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company’s
preliminary prospectus dated April 26, 2024 and available under the Company’s profile at www.sedarplus.ca, and in the
continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that
assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place
undue reliance on any forward-looking information. Such information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking
statements contained in this news release are made as of the date of this news release and the Company will update or revise
publicly any of the included forward-looking statements only as expressly required by applicable law.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6ab5fbcf-9fd3-42d1-b7da-c299d602148a
https://www.globenewswire.com/NewsRoom/AttachmentNg/3d82c516-09d9-47ba-8e05-8409c2a440c8
https://www.globenewswire.com/NewsRoom/AttachmentNg/b67822bb-e0ba-414d-82e7-34d3f3977942
https://www.globenewswire.com/NewsRoom/AttachmentNg/6640b3b7-a12c-4fc6-b717-8df832dcfe26
https://www.globenewswire.com/NewsRoom/AttachmentNg/a0affc47-8bb0-4acb-87a6-64a7318d27d4