23:00:34 EDT Mon 06 May 2024
Enter Symbol
or Name
USA
CA



Targa Exploration Corp
Symbol TEX
Shares Issued 61,413,837
Close 2023-12-01 C$ 0.16
Market Cap C$ 9,826,214
Recent Sedar Documents

Targa Exploration amends terms of private placement

2023-12-01 16:42 ET - News Release

Mr. Cameron Tymstra reports

TARGA AMENDS TERMS OF NON-BROKERED PRIVATE PLACEMENT

Targa Exploration Corp. has amended the terms of its non-brokered private placement which was previously announced on Oct. 26, 2023.

Pursuant to the amended terms, the offering will consist of the sale of: (i) hard-dollar units of the company at a price of 15 cents per HD unit; (ii) flow-through units of the company at a price of 17 cents per FT unit; and (iii) Quebec super-flow-through units of the company at a price of 18 cents per super FT unit. Aggregate gross proceeds of the offering are expected to be up to $2.2-million consisting of a combination of HD units, FT units and super FT units.

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 30 cents per warrant share until the date which is 24 months following the closing date (as defined below), 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 40 cents 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 rights of holders of such warrants shall be terminated without any compensation to such holder.

Each FT unit and super FT unit will be issued as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada). Each super FT unit will also be issued as a flow-through share as defined in Section 359.1 of the Quebec Tax Act with respect to purchasers in Quebec.

The net proceeds of the offering will be used for exploration of the company's lithium projects and for working capital purposes. The gross proceeds from the issuance of the FT units and super FT units will be used to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures. The company has agreed to renounce such qualifying expenditures with an effective date of no later than Dec. 31, 2023, in an aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of FT units and super FT units.

Closing of the offering is anticipated to occur on or about Dec. 8, 2023, and is subject to customary closing conditions. In connection with the offering, the company may pay finder's fees to eligible finders. All securities issued in connection with the offering will be subject to a statutory hold period of four months and a day from the closing date.

About Targa Exploration Corp.

Targa Exploration is a Canadian lithium exploration company engaged in the acquisition, exploration and development of lithium mineral properties with headquarters in Vancouver, B.C. Targa's lithium project portfolio consists of 15 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. Targa is part of the Inventa Capital group of companies.

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