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Targa Exploration Raises CA$791,950 After Closing Second Tranche of Private Placement

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Targa Exploration (TEX.CN) closed the second tranche of a private placement of flow-through and common share units raising CA$791,950 it said late Tuesday.

The company issued 2.6-million common-share units priced at CA$0.16 per HD unit and two-million flow-through units at CA$0.185 in the second tranche.

Each unit type includes one-half of a two-year warrant to buy a share for CA$0.30.

Proceeds will be used for exploration of its mineral exploration projects and for working capital needs, it said.

Shares of the company closed down 6.3% to CA$0.15 on Tuesday on the Canadian Securities Exchange.

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