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Targa Exploration Completes Acquisition of Three Large Pegmatite Lithium Exploration Projects From Shawn Ryan
VANCOUVER, BC, May 11, 2023 /CNW/ - Targa Exploration Corp. (CSE: TEX) ("Targa" or the "Company") is pleased to announce that, further to its news release dated
About this update from Targa Exploration Corp.
[{"type":"text","content":" VANCOUVER, BC, May 11, 2023 /CNW/ - Targa Exploration Corp. (CSE: TEX) (\"Targa\" or the \"Company\") is pleased to announce that, further to its news release dated April 17, 2023, it has completed the acquisition (the \"Transaction\") of a 100% interest in and to the Leaf River lithium project (the \"Leaf River Project\"), the Raglan South lithium project (the \"Ungava Project\"), and the Musquaro Lake lithium project (the \"Musquaro Lake Project\" and, collectively with the Leaf River Project and the Ungava Project, the \"Projects\") from a syndicate of sellers consisting of Shawn Ryan, Wildwood Exploration Inc. (\"Wildwood\"), Isaac Fage, Callum Ryan, Simon Cash and Adam Fage (collectively, the \"Sellers\"). Located in the northern and eastern regions of Quebec, the Projects comprise of 3,488 active claims, covering an area of approximately 165,916 hectares. The Company believes that the Projects hold great potential for spodumene-bearing lithium pegmatites. Jon Ward, President and CEO of Targa, commented: \"We are thrilled to complete the acquisition of the Projects from Shawn Ryan and his syndicate. The Projects provide Targa with an opportunity to explore a new highly prospective lithium zone in Quebec, Canada. This acquisition compliments Targa's portfolio of projects as we continue to build towards our vision of being the leading lithium explorer in Canada and provide value for our stakeholders.\" As consideration for the Projects, Targa: (i) issued the Sellers an aggregate of 7,500,000 common shares in the capital of Targa (the \"Consideration Shares\"); (ii) paid Wildwood an aggregate of $315,000 in cash; and (iii) granted Shawn Ryan a 1% net smelter return royalty on the Projects. An additional aggregate amount of $315,000 is payable to Wildwood following completion of an equity financing by Targa for gross proceeds of at least $1,000,000. All Consideration Shares issued to the Sellers will be subject to a four month hold period. In addition, the Sellers have agreed to a voluntary escrow arrangement whereby one-third of the Consideration Shares will be released from escrow every four months after May 1, 2023, with the first such release date to occur on September 1, 2023. For additional information regarding the Projects, please refer to Targa's news release dated April 17, 2023. Exploration Plan Targa is c...