SAGA Metals (TSX-V:SAGA) has closed a C$3.35 million ($3.37 million) flow-through placement to fund eligible exploration expenditure across its Canadian mineral properties.
The non-brokered placement comprised 6.09 million flow-through common shares priced at C$0.55 each.
SAGA will direct the proceeds towards Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures under the country’s Income Tax Act.
The company must incur the qualifying expenditures by 31 December 2027 and will renounce them in favour of subscribers effective 31 December 2026.
SAGA paid C$164,486 in finder fees and issued 299,065 non-transferable finder warrants to arm’s-length parties. Each warrant can be exercised at C$0.95 per share for 24 months.
The securities are subject to a hold period of four months and one day. The TSX Venture Exchange has conditionally approved the placement.
As reported by Mining.com.au, SAGA recently backed Labrador’s growing clean energy and critical minerals role, citing government commitments that include a $70.2 billion package to expand the province’s clean power infrastructure.
SAGA also owns three projects in Labrador, led by the wholly owned Radar Titanium-Vanadium-Iron Project, which covers 24,175 hectares surrounding the 160km² Dykes River intrusive complex.
The company has completed 24,641m of drilling across the Hawkeye and Trapper zones, identifying vanadiferous titanomagnetite and ilmenite mineralisation within a layered mafic intrusion.
Its wholly owned Wolverine Heavy Rare Earth Element Project hosts near-surface mineralisation within a peralkaline caldera complex. Historical drilling returned assays of up to 2.03% total rare earth oxides, with heavy rare earth oxides accounting for about 28% of the total.
SAGA also owns the 25,600-hectare Double Mer Uranium Project — where samples have returned up to 0.428% triuranium oxide — and the 72,701-hectare Legacy Lithium Project in Québec’s Eeyou Istchee James Bay region.
SAGA Metals is a Canada-based critical minerals explorer with titanium, vanadium, iron, rare earths, uranium, and lithium projects across Labrador and Québec.
Write to France Pinzon at Mining.com.au
Images: SAGA Metals
