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Saga Metals Announces Closing of Initial Public Offering and Other Corporate Updates
VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Saga Metals Corp. (the “Company” or “Saga”), a North American exploration company focused on cri
About this update from Saga Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Saga Metals Corp. (the “Company” or “Saga”), a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce the successful closing of its initial public offering (the “Offering”) consisting of 2,320,750 hard dollar units of the Company (the “HD Units”) at a price of $0.40 per HD Unit, 167,166 standard flow-through units of the Company (the “Standard FT Units”) at a price of $0.48 per Standard FT Unit and 1,250,000 charity flow-through units of the Company (the “Charity FT Units”) at a price of $0.60 per Charity FT Unit for aggregate gross proceeds of $1,758,500, pursuant to the Company’s final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024 (collectively, the “Prospectus”). Each HD Unit consists of one common share of the Company and one-half of one transferable common share purchase warrant (each whole such warrant, an “HD Warrant”). Each HD Warrant will entitle its holder to purchase one common share in the capital of the Company (each, a “Warrant Share”) at a price of $0.60 per Warrant Share at any time prior to 24 months following the closing of the Offering. Each Standard FT Unit consists of a “flow-through share”, as defined in subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”), and one-half of one transferable common share purchase warrant (each whole such warrant, a “Standard FT Warrant”), which Standard FT Warrant will qualify as a “flow-through share” as defined in subsection 66(15) of the Tax Act. The Standard FT Warrants will have the same terms as the HD Warrants and are exercisable into Warrant Shares. The Warrant Share underlying the Standard FT Warrant will not qualify as “flow-through shares” under the Tax Act. Each Charity FT Unit consists of a “flow-through share” as defined in subsection 66(15) of the Tax Act and one-half of one transferable common share purchase warrant (each whole such warrant, a “Charity FT Warrant”), which Charity FT Warrant will qualify as a “flow-through share” as defined in subsection 66(15) of the Tax Act. The Charity FT Warrants will have the same terms as the HD Warrants and Standard FT Warrants and are exercisable into Warrant Shares. The Warrant Share underlying the Charity FT W...