Targa Exploration Corp. has closed the first tranche of its non-brokered private placement, raising gross proceeds of approximately C$1,428,294 through the issuance of 7,720,512 flow-through units at a price of C$0.185 per unit.

The financing will fund exploration across the company's mineral properties, directed specifically toward eligible Canadian exploration expenses in Québec. Targa holds these funds subject to a statutory obligation to renounce the expenditures in favour of subscribers on or before December 31, 2026, and incur the qualifying exploration expenses before the end of December 2027.

Each flow-through unit issued in the financing consists of one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase an additional common share at a price of C$0.30 for 24 months following the closing date of the first tranche. The terms include an acceleration clause that permits Targa to shorten the warrant expiry window to 30 days if the 10-day volume-weighted average trading price of the shares on the Canadian Securities Exchange reaches or exceeds C$0.60. Unexercised warrants will expire automatically following the accelerated date.

All securities issued under the initial tranche are subject to a statutory hold period of four months and one day following the closing date. The offering remains subject to customary closing conditions. Targa expects to complete a second and final tranche of the financing by September 3, 2026, to finalize the private placement.

The net proceeds from the offering support ongoing exploration at the company's mineral exploration assets. Targa's principal asset is the Opinaca gold project in Québec, where widespread gold mineralization was discovered during a maiden drill campaign in 2025. Building on that initial discovery, Targa is currently executing a 4,500 to 5,000-metre diamond drill program at the Opinaca project to test strike continuity and un-drilled anomalies across the property.

Read the full announcement: TARGA ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT