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Targa Exploration Closes First Tranche of its Private Placement

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Targa Exploration (TEX.CN) closed the first tranche of its private placement for gross proceeds of around C$1.4 million, it said after markets closed Tuesday.

A second and final tranche of the offering is expected to be closed by Sept. 3, said the company.

Under the first tranche, the company issued around 7.7 million flow-through units at a price of C$0.185 each, it said. Each unit will be made up of a share and one-half of a two-year warrant, with each whole warrant entitling the holder to buy an additional share at a price of C$0.30 apiece, subject to an acceleration clause, added the company.

The company will use the net proceeds for exploration of its mineral exploration projects and for working capital purposes, it said.

Closing of the offering is subject to customary closing conditions, added Targa.

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