Targa Exploration Corp. has closed the third tranche of its private placement, raising gross proceeds of approximately C$793,100 to fund ongoing exploration activities in Québec.

Under the closing, the company issued 3,605,000 premium flow-through units at a price of $0.22 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. Every whole warrant entitles the holder to purchase an additional common share at $0.30 for 24 months. The warrants include an acceleration clause that allows Targa to shorten the expiry window to 30 days if the 10-day volume-weighted average trading price on the Canadian Securities Exchange reaches or exceeds $0.60.

Gross proceeds from the sale of the flow-through units will be directed toward eligible Canadian exploration expenses in Québec. Targa is required to renounce these qualifying expenditures in favour of subscribers by December 31, 2026, and incur the expenses before the end of December 2027. All securities issued under the third tranche are subject to a four-month and one-day hold period.

The financing supports work across the company's mineral properties, building on earlier operational milestones. During its 2025 maiden drill campaign at the Opinaca gold project, Targa made a grass-roots discovery that included a standout intercept of 13.88 g/t gold over 3.65 metres in hole 25OPDD007 within the western zone.

To expand on those results, the company has planned a 4,500 to 5,000-metre diamond drill campaign designed to test both the strike continuity of the western zone and undrilled targets across the property. Targa expects to complete a final tranche of the private placement offering by September 11, 2026.

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