Vancouver-based uranium explorer Saga Metals (TSX-V:SAGA) has joined the nearly 1,700 companies listed on the TSX Venture Exchange after it made its debut this week.
The junior, which has a market capitalisation of C$10.8 million ($11.7 million), completed an initial public offer to raise C$2.5 million.
The IPO comprised the issue of units priced at C$0.40 each and flow-through units priced at C$0.60.
Saga kicked off trading on 24 September.
Saga owns the Double Mer Uranium Project, Radar Titanium-Vanadium Project and North Wind Iron Ore Project in Labrador and the Legacy Lithium Project in Québec.
In July, the company inked a joint venture agreement with Rio Tinto (ASX:RIO) subsidiary Rio Tinto Exploration Canada (RTEC) for the Legacy Project, which is located in the lithium-rich James Bay region.
RTEC has the option to acquire an initial 51% interest in the project within four years subject to meeting certain spend requirements.
CEO Mike Stier says with the IPO now closed Saga can fully concentrate on advancing its projects through the vital stages of exploration and development.
Saga plans to undertake drilling and sampling in the coming year.
The company expects to release results from its ground programs at the Double Mer Uranium Project in October.
Write to Angela East at Mining.com.au
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