Saga Metals Files Final IPO Prospectus for $1.825 Million Offering
Saga Metals, a North American exploration company focusing on critical mineral discoveries in Canada, has filed its final initial public offering (IPO) prospectus with securities regulatory authorities in British Columbia, Alberta, and Ontario. The IPO aims to raise a minimum of C$2,500,000 (approximately USD 1,825,000).
The offering includes:
1. 2,500,000 hard dollar units ("HD Units") priced at C$0.40 (USD 0.29) per unit.
2. 1,041,667 standard "flow-through" units ("Standard FT Units") priced at C$0.48 (USD 0.35) per unit.
3. 1,666,667 "charity flow-through" units ("Charity FT Units") priced at C$0.60 (USD 0.44) per unit.
Each HD Unit comprises one common share and one-half of a transferable common share purchase warrant. Each whole warrant allows the holder to purchase a common share at C$0.60 (USD 0.44) any time within 24 months of the offering's closing date.
Standard FT Units and Charity FT Units each consist of a "flow-through share," as defined by Canadian tax law, and one-half of a transferable common share purchase warrant, with the same terms as the HD Warrants.
The offering is led on a best-efforts basis by Research Capital Corporation, acting as the sole agent and bookrunner.
Saga Metals has received conditional approval from the TSX Venture Exchange (TSXV) to list its common shares under the symbol "SAGA." The listing is contingent upon meeting all TSXV requirements and conditions, including distribution and financial standards.
The IPO is anticipated to close around July 29, 2024, subject to customary regulatory approvals.
Mike Stier, CEO & Director of Saga Metals, expressed appreciation for the team's effort, stating, "We anticipate receiving the receipt for our final prospectus later this afternoon, after which the IPO can officially launch."
Saga Metals focuses on exploring uranium and lithium, with additional projects for titanium, vanadium, and high-purity iron, aligning with North America's Critical Mineral Strategy. The company currently owns four mineral properties in Canada.
