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Targa Exploration Raises CA$3.2 Million Via Non-Brokered Private Placement

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Targa Exploration (TEX.CN) closed the final tranche of its private placement offering, raising total proceeds of about CA$3.2 million, it said in a statement late Friday.

The company closed the fourth and final tranche for an additional 190,750 hard-dollar units at CA$0.16 per HD unit and 800,378 flow-through units at CA$0.185 per FT unit for proceeds of about CA$178,590. A total of 10.6-million FT units, 2.8-million HD units and 3.6-million premium FT units were issued in total.

Proceeds will be used for exploration of its mineral exploration projects and for working capital needs. Certain company insiders subscribed for an aggregate of 686,358 units for CA$113,070 under the offering.

Shares of the company were last seen up 3.5% at CA$0.15 on the Canadian Securities Exchange.

Price: $0.15, Change: $+0.01, Percent Change: +3.45%

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