Mr. Cameron Tymstra reports
TARGA CLOSES ASSET ACQUISITION
Targa Exploration Corp. has closed its previously announced acquisition of additional exploration assets in Quebec and Ontario.
Asset acquisition closing
Further to the company's news releases dated Oct. 3, 2023, and Dec. 22, 2023, it has completed the acquisition of a 100-per-cent interest in five lithium projects covering 137,000 hectares in Quebec and Ontario from a party of vendors (collectively, the vendors) and 1384025 B.C. Ltd. (Northern Lithium).
Pursuant to the acquisition, Targa has issued a total of 7,500,001 common shares of the company to the vendors and granted a 1-per-cent production royalty on the properties in favour of Northern Lithium. Targa has also made aggregate cash payments of $377,860.86 to the vendors to date, with an additional payment of $377,860.86 to be paid on June 15, 2024.
Please refer to the company's news release dated Oct. 3, 2023, for additional details regarding the properties.
Kenorland Minerals shares
Targa has also issued an additional 1,459,918 shares of the company, representing 9.9 per cent of the shares issued in the recently closed financing, to Kenorland Minerals pursuant to the original purchase agreement for the Opinaca and Superior projects.
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.
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