SAGA Metals Announces Filing of Preliminary Prospectus for CriƟcal Mineral IPO
SAGA Metals Announces Filing of Preliminary
Prospectus for CriƟcal Mineral IPO
VANCOUVER, B.C. – Wednesday, May 1, 2024, Saga Metals Corp. (the “Company” or “Saga”), a North
American exploraƟon company focused on cri Ɵcal mineral discovery in Canada, is pleased to announce
that it has filed a preliminary prospectus (the “ Preliminary Prospectus”) with the securi Ɵes regulatory
authoriƟes in the provinces of BriƟsh Columbia, Alberta and Ontario, for an iniƟal public offering of units
of the Company (the “Units”) for gross proceeds of C$2,500,000 (the “Offering”). The iniƟal public offering
consists of: (i) units of the Company (“Offered Units”) at a price of $0.40 per Offered Unit; and (ii) “flow-
through” units of the Company (“FT Units”) at a price of $0.60 per FT Unit.
Each Offered Unit consists of one common share of the Company (an “ Offered Share”) and one-half of
one transferable common share purchase warrant (each whole such warrant, an “ Offered Warrant ”).
Each Offered Warrant will enƟtle its holder to purchase one common share in the capital of the Company
(each, a “Warrant Share”) at a price of $0.60 per Warrant Share at any Ɵme prior to 4:30 p.m. (Vancouver
Ɵme) on the date that is 24 months following the closing of the Offering (the “Closing”).
Each FT Unit consists of a “flow-through share” (a “ FT Share”), as defined in subsec Ɵon 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 ”), which FT Warrant (including the Warrant Share
underlying such FT Warrant) shall not qualify as a “flow-through share” as defined in subsecƟon 66(15) of
the Tax Act. The FT Warrants will have the same terms as the Offered Warrants and are exercisable into
Warrant Shares. The Offered Shares and the Offered Warrants comprising the Offered Units, as well as
the FT Shares and the FT Warrants comprising the FT Units, will separate immediately at Closing.
The Offering is being made on a best efforts basis led by Research Capital Corporation, as sole agent and
bookrunner (the “Agent”).
Saga is applying to list its common shares (including the Offered Shares and the Warrant Shares) on the
Toronto Venture Securities Exchange (the “TSXV”). Listing will be subject to the Company fulfilling all of
the listing requirements and conditions of the TSXV, including prescribed distribution and financial
requirements.
The closing of the Offering is expected to close on or about June 10, 2024, or on such earlier date as
agreed upon between the Company and Agent and is subject to, among other things, the receipt of
customary approvals, including regulatory approvals.
The Preliminary Prospectus contains important information relating to Saga and the Units and is subject
to completion or amendment. Copies of the Preliminary Prospectus are available under Saga’s profile on
SEDAR+ at www.sedarplus.ca or may be obtained from the Agent listed above. There will not be any sale
or any acceptance of an offer to buy the Units until a receipt for the final prospectus in respect of the
Offering has been issued.
No securities regulatory authority has either approved or disapproved of the contents of this news
release. The Units, the Unit Shares and the Warrants comprising the Units, and the Warrant Shares
issuable upon exercise of the 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 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.
Mineral Properties
Saga Metals projects in Quebec and Labrador
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 interests in four mineral properties in Canada:
(1) the Double Mer Uranium Property, a uranium exploraƟon project consisƟng of an aggregate
of 1,024 claims covering an area of 25,600 hectares in eastern central Labrador; 90 km
northeast of Happy Valley, Goose Bay;
(2) the Legacy Lithium Property, a LCT spodumene pegma ƟƟc lithium explora Ɵon project
consisƟng of an aggregate of 663 claims covering an area of 34,243.76 hectares in the Eeyou
Istchee James Bay region of Quebec;
(3) the Radar Titanium-Vanadium Property, a Ɵtanium-vanadium layered mafic intrusion
exploraƟon project consis Ɵng of an aggregate of 690 claims covering an area of 17,250
hectares in Cartwright, Goose Bay region of Labrador; and
(4) the North Wind Iron Project, consis Ɵng of 255 claims comprising 6,375 hectares, located in
West Central Labrador, Newfoundland and Labrador.
Double Mer Uranium Project, Labrador
The Company’s material proper Ɵes are the Double Mer Uranium Property, which is the subject of the
Double Mer Uranium Technical Report, and the Legacy Lithium Property, which is the subject of the Legacy
Lithium Technical Report. Saga’s technical reports can be found under its profile on SEDAR+ at
www.sedarplus.ca.
Following the ini Ɵal public offering, the Company intends to explore the Double Mer Uranium Property
with an iniƟal helicopter supported sampling program designed to in-fill sample the iden Ɵfied trend and
extend the width of the zone. Saga’s technical team feels the uranium project is ready to drill. However,
this brief program will allow for a short ground program to conduct more detailed invesƟgaƟons of priority
prospects and targets.
Radiometric survey highlighƟng Uranium trend, supported by rock samples over 14+km strike
The “Lithium Neighborhood” – Saga’s Legacy Lithium Project, Quebec
The Company’s Legacy Lithium Property hosts 100km of striking paragneiss, all of which can be considered
prospecƟve for pegmaƟtes following the discovery trend of Winsome Resources, Azimut ExploraƟon, Rio
Tinto, and Loyal Lithium.
A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
These notable companies conƟnue to validate the region both through promising exploraƟon results as
well as significant transacƟons that could change the infrastructure in the area.
On April 3, 2024, Winsome Resources revealed1 plans to repurpose the Renard diamond plant just south
of the “Lithium Neighborhood” as shown below. The company has paid C$4 million for an op Ɵon to buy
the assets, which could help hasten the development of its Adina lithium discovery in the Eeyou Istchee
James Bay region.
The Renard acquisiƟon could benefit the growing number of criƟcal mineral projects in the area opening
road and rail access year-round as well as other potenƟal infrastructure in the region.
1 hƩps://www.mining.com/winsome-resources-plans-to-repurpose-renard-diamond-plant-in-quebec-for-lithium/
Furthermore, on April 18, 2024, Azimut Explora Ɵon and SOQUEM reported 2 “very encouraging visual
results from its second phase of diamond drilling on the Galinée Property” with a hole that “intersected a
166.1-metre-thick envelope containing two broad intervals of spodumene rich pegma Ɵte of 92.1 m and
56.55 m separated by 17 .45 m of amphibolite (cumula Ɵve thickness of 148.65 m)”. Drilling to date has
reached 2,569.95 metres with top results including 2.48% Li2O over 72.7 metres.
Proposed Plan Du Nord including locaƟon of the Renard diamond mine
Radar Titanium- Vanadium Project, Labrador – Cutline Field Program Completed
The Company’s Radar Titanium-Vanadium Project encompasses 17,250 hectares and is located with road
access due south of Cartwright in Labrador, Canada. AŌer only two weeks on the property last summer,
Saga discovered a 3.5km by 500m zone of enrichment containing over 6% Ɵtanium and up to 3,670ppm
vanadium known as the Hawkeye zone.
On March 17, 2024, Saga mobilized a field team to complete a 3-week cutline program at the Radar
project. These lines were necessary to finalize the remaining claims management expenditure for the year
as well as create the necessary access to complete the proposed field program this coming summer.
The program ended on April 5, 2024, with a total of 14.55km cut as a perpendicular grid to the inferred
mineralized trends with an addi Ɵonal 7.8 km cut as an access trail starƟng in the west to support the
cutlines. This project already benefits from major infrastructure leading right up to the property and now
with the cutlines in place Saga’s field crews will have the necessary access through the thick terrain to
2 hƩps://azimut-exploraƟon.com/site/assets/files/7187/azm_soquem_galinee_visual_en_wfig.pdf
conduct a robust mapping and sampling program this summer in an effort to expand the known
mineralized zone.
Radar Project Hawkeye zone and corresponding geophysics
“With the preliminary prospectus now filed, the Company is looking forward to completing the next steps
in the initial public offering process,” states Mike Stier, CEO & Director of Saga Metals Corp. “We’ve been
building up to this point, adding prospective projects to the Company’s pipeline over the last 12 months
and are excited to solicit the next stage of funding to continue to move these projects ahead. The team at
Saga is excited about the prospects of the upcoming field season and we are all ready to get to work.”
To learn more about the Company’s projects visit the projects page here and corporate video here or
see below.
To access the company’s corporate presentaƟon select here.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploraƟon and discovery of criƟcal
minerals to support the global green energy transi Ɵon. Saga’s flagship asset is the Double Mer Uranium
project spanning 25,600 hectares and located between the towns of Goose Bay and Rigolet in eastern
Labrador, Canada. The Uranium radiometrics highlight an 18km east-west linear trend averaging ~500m in
width with 14km confirmed to contain highlight samples up to 4,281ppm U 3O8 and 21,000cps on a
spectrometer. The Company’s secondary asset is the Legacy Lithium Project, located in the Eeyou Istchee
James Bay region of Quebec, Canada. The Company owns 34,243 hectares of land in the eastern region of
the La Grande sub-province aiming to discover hard rock lithium minerals. The property is located along
strike from notable successes in the eastern region and with over 100+ pegma Ɵtes, Saga has confirmed
four zones of LCT-bearing pegmaƟtes over a combined 7km strike. The Company’s third asset is a Titanium
and Vanadium project covering 17,250 hectares located 10km south of Cartwright in Labrador. Here the
Company has discovered a 3.5km by 500m zone of enrichment containing over 6% Titanium and up to
3,670ppm Vanadium.
For further informaƟon, please contact:
Saga Metals Corp.
Investor RelaƟons
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 Na Ɵonal Instrument 43 -101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) and have reviewed and approved the scienƟfic 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 scienƟfic 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 securi Ɵes laws
that are not historical facts. Forward-looking statements are oŌen idenƟfied by terms such as “will”, “may”,
“should”, “anƟcipates”, “expects”, “believes”, and similar expressions or the nega Ɵve 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 uncertainƟes. In parƟcular, this news release
contains forward-looking informaƟon pertaining to the proposed Offering and the Company’s plans with
respect to its mineral exploraƟon properƟes. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ materially from those anƟcipated in such
statements. Important factors that could cause actual results to differ materially from the Company’s
expectaƟons include, but are not limited to, changes in the state of equity and debt markets, fluctuaƟons
in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental
risks, limitaƟons on insurance coverage, failure to saƟsfy closing condiƟons in respect of the Offering, risks
and uncertainƟes involved in the mineral exploraƟon and development industry, and the risks detailed in
the Company’s Preliminary Prospectus and in the conƟnuous disclosure filings made by the Company with
securiƟes regulaƟons from Ɵme to Ɵme. The reader is cauƟoned that assumpƟons used in the preparaƟon
of any forward-looking informaƟon 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,
uncertainƟes, and other factors, many of which are beyond the control of the Company. The reader is
cauƟoned not to place undue reliance on any forward -looking informaƟon. Such informa Ɵon, although
considered reasonable by management at the Ɵme of preparaƟon, may prove to be incorrect and actual
results may differ materially from those an Ɵcipated. Forward-looking statements contained in this news
release are expressly qualified by this cauƟonary 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.
No securiƟes exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy
of this release.