Vancouver, British Columbia – Sage Potash Corp. (SGPTF) today announced the successful closing of a non-brokered private placement, raising a noteworthy C$6 million. The Canadian company, focused on developing its Sage Plain Potash Project in Utah’s Paradox Basin, initially aimed for C$4 million, reflecting strong investor confidence in the company’s potential.
Peter Hogendoorn, CEO and Executive Chairman of Sage Potash, commented on the news, “We’re proud to have successfully closed a financing that was upsized from C$4M to C$6M in response to strong investor interest. The proceeds will position us to accelerate field activity, technical planning, and permitting as we move closer to unlocking the full potential of our domestic resource.”
The financing involved the issuance of 24 million units at $0.25 per unit. Each unit comprises one common share and a warrant to purchase an additional half share. Subsequent to this, 12 million warrants were issued, each entitling the holder to purchase one additional common share at $0.35, exercisable for two years from the closing date.
As is standard practice, the company paid finders’ fees and commissions, including $285,860 in cash and 1,132,820 broker warrants. These warrants carry the same terms as those offered in the placement.
The capital raised will be channeled towards the continued development of the Sage Plain project. The exploration of strategic activities, infrastructure planning, and general working capital requirements will also be prioritized with the proceeds.
Securities issued are subject to a four-month and one-day hold period. The TSX Venture Exchange has granted conditional approval for the offering, pending customary final filings.
RCI Capital provided advisory services to Sage Potash in connection with the Offering, advising on development financings and strategies.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
About Sage Potash Corp.
Sage Potash, a Canadian entity, holds a singular focus on the Sage Plain Property. Its goal is to become a leading domestic potash producer in Utah’s Paradox Basin through sustainable solution mining. Investors seeking further information can consult the company’s disclosure record on SEDAR+ (www.sedarplus.ca).
The TSX Venture Exchange and its Regulation Services Provider take no responsibility for the accuracy or adequacy of this announcement.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information. These statements are based on expectations as of the date of the release and the Company does not assume any obligation to update these. Forward-looking statements are subject to risks and uncertainties, for which actual results may vary. Further details can be found in the company’s Management’s Discussion & Analysis, available at www.sedarplus.ca.
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