Targa closes $3,500,000 non-brokered private placement

Canada NewsWire

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CSE: TEX | OTCQB: TRGEF | FRA: V6Y

VANCOUVER, BC , Aug. 13, 2026 /CNW/ -- Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF) (" Targa " or the " Company ") today announced a non-brokered private placement for gross proceeds of up to C$3,500,000 (the " Offering "). The Offering will consist of the sale of premium flow-through units of the Company (each, a " Premium FT Unit ") at a price of C$0.22 per Premium FT Unit, flow-through units of the Company (each, an " FT Unit ") at a price of $0.185 per FT Unit, and hard dollar units of the Company (each, an " HD Unit " and together with the Premium Units and FT Units, the " Units ") at a price of C$0.16 per HD Unit.

Each Unit will consist of one common share of the Company (each, a " Share ") and one half of a common share purchase warrant (each whole warrant, a " Warrant "). Each Warrant will entitle the holder thereof to acquire one additional Share (each, a " Warrant Share ") at a price of C$0.30 per Warrant Share until the date which is 24 months following the Closing Date (as defined below), subject to an acceleration clause. If the 10-day volume-weighted average trading price of the Shares as quoted on the Canadian Securities Exchange is equal to or greater than C$0.60 at the close of any trading day, then the Company may, at its option, accelerate the expiry date of the Warrants by issuing a press release (a " Warrant Acceleration Press Release ") announcing that the expiry date of the Warrants shall be deemed to be on the 30th day following the issuance of the Warrant Acceleration Press Release (the " Accelerated Expiry Date "). All Warrants that remain unexercised following the Accelerated Expiry Date shall immediately expire and all the rights of holders of such Warrants shall be terminated without any compensation to such holder.

Each of the Shares and Warrants underlying the FT Units and Premium FT Units will qualify as a "flow-through share," as defined in subsection 66(15) of the Income Tax Act (Canada) and, in the case of the Premium FT Units, with respect to purchasers in Québec, in section 359.1 of the Taxation Act (Québec).

The net proceeds of the Offering will be used for exploration of the Company's mineral exploration projects and or working capital purposes. The gross proceeds from the issuance of the FT Units and Premium FT Units will be used to incur eligible "Canadian exploration expenses" in Québec that qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada). The Company has agreed to renounce such qualifying expenditures with an effective date of December 31, 2026, in an amount equal to the total amount of the gross proceeds raised from the issuance of the FT Units and Premium FT Units and will incur such expenses by December 31, 2027.

Closing of the Offering is anticipated to occur on or about September 3 rd , 2026 (the " Closing Date ") and is subject to customary closing conditions. In connection with the Offering, the Company may pay finder's fees to eligible finders. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and a day from the Closing Date.