SAGA Metals (TSX-V:SAGA) has closed an oversubscribed non-brokered private placement, raising C$10.2 million ($10.3 million) to cover Canadian exploration expenses at its portfolio of assets.

The company will issue 15.75 million flow-through units at C$0.65 each. Each unit comprises one common share and one-half of a purchase warrant.

Each whole purchase warrant entitles the holder to purchase one non-flow-through share at C$1.10 over 24 months.

SAGA will be eligible to accelerate the expiry date of warrants if the company’s shares trade at or over C$1.75 per share for 10 consecutive trading days. 

CEO Mike Stier says the placement has had “resounding success” due to the basis of oversubscriptions.

“This strong demand reflects the confidence our shareholders have in our team and our portfolio of critical mineral assets,” Stier says. 

“This capital raise shores up our treasury and provides the company with the financial strength to deliver maiden resources on two projects in the near term.”

Set for exploration

As reported by Mining.com.au this morning, SAGA completed the title transfer agreement to acquire three contiguous mineral licences near the Wolverine Rare Earth Element Project in Labrador, Canada.

The company paid C$52,700 to two vendors for the title agreement, along with an additional C$50,000 that will be paid six months from closing and the issuance of 500,000 shares.

Wolverine is a rare earth project comprising nine contiguous mineral licences totalling 294.5km2 in Canada.

SAGA also recently received a C$225,000 grant to support the 2025 campaign at the Radar Critical Minerals Project, also in Labrador, under the Junior Exploration Assistance program.

The non-dilutive funding package is intended to advance mineral exploration across Newfoundland and Labrador, encouraging new discoveries and strengthening project development toward defined mineral resources.

The Radar Project hosts the entire Dykes River intrusive complex, which spans 24,175 hectares in Canada.

SAGA Metals is a North American explorer focused on developing a portfolio of critical minerals that support the transition to supply security.

Write to Maddison Elliott at Mining.com.au   

Images: SAGA Metals