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Targa Exploration Announces Close of First Tranche of Non-Brokered Private Placement
VANCOUVER, BC, Aug. 15, 2023 /CNW/ - Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF) ("Targa" or the "Company") is pleased to announce that it has
About this update from Targa Exploration Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 15, 2023 /CNW/ - Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF) (\"Targa\" or the \"Company\") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the \"Offering\") for gross proceeds of $1,330,300. In connection with the completion of the first tranche of the Offering, the Company issued 1,641,750 hard dollar units of the Company (each, an \"HD Unit\") at a price of $0.40 per HD Unit and 1,403,333 Quebec super-flow-through units of the Company (each, a \"Super FT Unit\" and together with the HD Units, the \"Offered Units\") at a price of $0.48 per Super FT Unit for aggregate gross proceeds of $1,330,300. Each Offered Unit consists of one common share of the Company (each, a \"Unit Share\") and one-half of a common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one additional common share of the Company (each, a \"Warrant Share\") at a price of $0.70 until the date which is 24 months following the date hereof. Each Super FT Unit was issued as a \"flow-through share\" as defined in subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Quebec Tax Act with respect to purchasers in Quebec. The securities issued pursuant to the initial tranche of the Offering will be restricted from trading until December 16, 2023. A total of $32,086 cash was paid and a total of 63,375 finder's warrants were issued for finder's fees. The finder's warrants will expire on August 15, 2025, and have an exercise price of $0.70. Closing of the final tranche of the Offering is anticipated to occur on or about August 31, 2023, and is subject to customary closing conditions. The Company expects to receive aggregate gross proceeds of up to $3,900,000 from the private placement. 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. Additional details regarding the Offering can be found in the Company's news release dated June 29, 2023. 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...