The Prospector News


You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article







Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF) announced that, further to the Company’s news releases dated March 21, 2024 and March 28, 2024, it has closed the second and final tranche of its previously announced private placement for an additional 6,700,000 units of the Company at a price of $0.10 per HD Unit for gross proceeds of C$670,000.  A total of 9,750,000 HD Units and 3,500,000 charity flow-through units of the Company were issued under the first and second tranches of the Offering for aggregate gross proceeds of C$1,587,500.


I would like to thank our current shareholders and several new ones who participated in this financing for their continued support of Targa“, commented Targa CEO, Cameron Tymstra. “I would like to welcome two well respected Quebec-based funds, SIDEX and NQI, as new shareholders of Targa. We consider their participation and interest in Targa as a meaningful stamp of approval within the sector and speaks to the excitement and potential of our Opinaca project.


Each Unit will consist of one common share of the Company and one-half of a common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional Share at a price of $0.25 per Warrant Share until the date which is 24 months following the closing date of the second tranche of the Offering, subject to an acceleration clause. If the 10-day volume-weighted average trading price of the Shares as quoted on the Canadian Securities Exchange is equal to or greater than $0.35 at the close of any trading day, then the Company may, at its option, accelerate the expiry date of the Warrants by issuing a press release announcing that the expiry date of the Warrants shall be deemed to be on the 30th day following the issuance of the Warrant Acceleration Press Release.  All Warrants that remain unexercised following the Accelerated Expiry Date shall immediately expire and all the rights of holders of such Warrants shall be terminated without any compensation to such holder.


The net proceeds of the second tranche of the Offering will be used for exploration of the Company’s Opinaca gold-lithium project and for working capital purposes.


All securities issued pursuant to the second tranche of the Offering, including Shares issuable upon the exercise of Warrants, are subject to a hold period of four months and one day after the date of closing of the second tranche of the Offering.  A total of $2,400 was paid in cash and a total of 24,000 finder’s warrants were issued for finder’s fees.  The finder’s warrants will expire on May 1, 2026 and have an exercise price of $0.25.


The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.


About SIDEX Limited Partnership


SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ. Its mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, to promote innovation and to encourage new entrepreneurs.


About NQ Investissement Minier


NQ Investissement minier was launched as a joint effort between The Société de développement de la Baie-James (SDBJ) and l’Administration Régional Baie-James (ARBJ). The investment fund specializes in financing mining companies respecting the principals of sustainable development in the territory of Nord-du-Québec


About the Opinaca Project


The Opinaca Project is located in the James Bay region of Quebec, approximately 40km south of Patriot Battery Metals’ Corvette lithium discovery, 45km south of the all-season Trans-Taiga Road and 120km northwest of the Renard Diamond Mine. The Opinaca Project covers 85,267 contiguous hectares of the Opinaca geological sub-province, dominantly a metasedimentary region with neoarchean-aged igneous intrusions including of the Vieux Comptoir suite of granites. Till sampling in 2023 uncovered a 5km x 4 km gold/arsenic/tungsten anomaly in the center of the project as well as a higher-grade gold and lithium anomaly to the east.


About Targa


Targa Exploration Corp. is a Canadian exploration company engaged in the acquisition, exploration, and development of lithium and gold mineral properties with headquarters in Vancouver, British Columbia. Targa’s project portfolio consists of fifteen projects in the provinces of Quebec, Ontario, Manitoba, and Saskatchewan and covers over 400,000 hectares of prospective ground, most of which has never been explored previously for lithium or gold.


Posted May 1, 2024

Share this news article


Fortuna intersects 31.3 g/t gold over 12.0 meters from the Karakara Prospect at the Diamba Sud Gold Project

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to provide... READ MORE

June 25, 2024

Patriot Drills 124.9 m at 1.72% Li2O and 35.6 m at 3.78% Li2O in Final Batch of CV5 Assays Ahead of Q3 Resource Update

Highlights Continued strong lithium mineralization over wide int... READ MORE

June 25, 2024

Imperial Announces Amendment of $34.47 Million of Non-Convertible Debentures

Imperial Metals Corporation (TSX:III) announces that it has amend... READ MORE

June 25, 2024

Madison Metals Drilling Confirms High-Grade Uranium at Khan Project in Namibia, Africa

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is ple... READ MORE

June 25, 2024

NorthWest Copper Reports Positive Metallurgical Recoveries of 94% Copper, 71% Gold and 92% Silver at the Lorraine Deposit

NorthWest Copper (TSX-V: NWST) is pleased to report that  positi... READ MORE

June 24, 2024

Copyright 2024 The Prospector News