Targa closes third tranche of non-brokered private placement

Canada NewsWire

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CSE: TEX | OTCQB: TRGEF | FRA: V6Y

VANCOUVER, BC , Sept. 9, 2026 /CNW/ -- Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF) (" Targa " or the " Company ") today announced that, further to the Company's news releases dated August 13, 2026, August 25, 2026, and September 8, 2026, it closed the third tranche of its previously announced private placement (the " Offering ") for gross proceeds of approximately C$793,100. The Company expects to complete a final tranche of the Offering by September 11, 2026.

Pursuant to the third tranche closing of the Offering, the Company issued 3,605,000 premium flow-through units of the Company (each an " Premium FT Unit ") at a price of $0.22 per Premium FT Unit. Each Premium FT Unit consists of one common share of the Company (each, a " FT Share ") and one-half of one common share purchase warrant (each whole warrant, a " Warrant ") of the Company. Each FT Share and Warrant will qualify as a "flow-through share" pursuant to subsection 66(15) of the Income Tax Act (Canada) (" Tax Act ") and in section 359.1 of the Taxation Act (Québec).

Each Warrant will entitle the holder thereof to acquire one additional common share (each, a " Warrant Share ") at a price of $0.30 per Warrant Share until the date which is 24 months following the closing date of the first tranche of the Offering, subject to an acceleration clause. If the 10-day volume-weighted average trading price of the common shares as quoted on the Canadian Securities Exchange is equal to or greater than $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 30 th 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.

The Company will use an amount equal to the gross proceeds from the sale of the Premium FT Units 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) (" Qualifying Expenditures "). The Company will renounce all such Qualifying Expenditures, in favour of the subscribers of the Premium FT Units, on or before December 31, 2026, in an amount of not less than the total amount of the gross proceeds raised from the issuance of Premium FT Units and incur such Qualifying Expenditures on or before December 31, 2027.

All securities issued pursuant to the third tranche of the Offering, including shares issuable upon the exercise of Warrants or Finder Warrants, are and will be subject to a hold period of four months and one day after the date of closing of the third tranche of the Offering.