Saga Metals Corp. [SAGA-TSXV], a company with four 100%-owned properties in Canada targeting, uranium, lithium, titanium, vanadium and iron ore, has released a project update detailing its progress and future plans.
The update follows the successful closing of an initial public offering on September 23, 2024, consisting of 2.3 million hard dollar units priced at 40 cents per unit, 167,166 standard flow-through units priced at 48 cents and 1.25 million charity flow through units priced at 60 cents, generating proceeds of $1.76 million.
Each hard dollar unit consist of one common share and one half of one transferrable common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at 60 cents per warrant share at any time prior to 24 months following the closing of the offering.
Each standard flow-through unit consists of a flow-through share as defined under the Income Tax Act (Canada) and one half of one transferable common share purchase warrant. The standard flow-through warrants have the same terms as the hard dollar warrants and are exercisable into warrant shares. The Charity flow-through warrants also have the same terms as the hard dollar and standard flow-through warrants and are exercisable into warrant shares.
Saga Metals shares, which began trading on September 24, 2024, rose 1.28% or $0.005 to 39.5 cents and trade in a 52-week range of 42 cents and 39 cents.
The company’s flagship asset is the Double Mar Uranium project, covering 25,600 hectares on the east coast of Labrador, Canada. Uranium radiometrics reveal an 18-kilometre east-west linear trend averaging approximately 500 metres in width, with a confirmed 14-kilometre section containing samples up to 4,281 ppm U308 and readings of 21,000 cps on a spectrometer.
The company said ongoing sampling and mapping at Double Mar are paving the way for focused drilling efforts to expand key uranium trends. Since early August, Saga’s team has been on site, setting up camp to support both summer and winter exploration programs. “This includes preparation for future drilling, outcrop sampling, mapping and channel sampling of identified uranium targets,’’ the company said.
Saga’s primary additional asset is the Legacy Lithium property, which is 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 project. Together, these projects cover 65,849 hectares and share geological continuity with the Rio Tinto Plc [RIO-NYSE], ASX-listed Winsome Resources, Azimut Exploration Inc. [AZM-TSXV], and Loyal Lithium in the La Grande sub-province.
The company said net proceeds of the offering will be used to complete a Phase 1.0 exploration program on the Double Mar Uranium project, to make certain payments relating to the company’s properties and for general and administrative purposes.
