Core Viewpoint - SAGA Metals Corp. has successfully closed the first tranche of its non-brokered private placement, raising gross proceeds of $1,239,700.10, with plans to close the final tranche by June 25, 2025 [1][2]. Group 1: Financial Details - The first tranche generated $444,200.10 from 1,480,667 flow-through units priced at $0.30 each and $795,500 from 3,182,000 hard dollar units priced at $0.25 each [2]. - The company paid $31,710.01 in finder's fees and issued 108,616 finder's warrants, each allowing the purchase of one common share at $0.50 for 24 months [5]. Group 2: Securities and Use of Proceeds - The flow-through units consist of one common share and one transferable common share purchase warrant, with the warrant exercisable at $0.50 for 24 months [3]. - The gross proceeds from the flow-through units will be allocated to Canadian exploration expenses related to critical mineral mining in Labrador, while the net proceeds from hard dollar units will be used for administrative and general working capital [7]. Group 3: Insider Participation and Regulatory Notes - Certain insiders acquired 442,000 hard dollar units for $110,500, which is classified as a related party transaction exempt from formal valuation and minority shareholder approval [8]. - The securities issued have not been registered under the U.S. Securities Act and cannot be offered or sold in the U.S. without exemptions [9].
SAGA Metals Announces First Tranche Closing