TARGA ANNOUNCES CLOSE OF FIRST TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT
Summary
The gross proceeds from the issuance of the Super FT Units will be used to incur eligible "Canadian exploration expenses" that qualify as flow-through critical mineral mining expenditures. Targas lithium project portfolio consists of ten projects in the provinces of Quebec, Ontario, Manitoba, and Saskatchewan and covers over 275,000 hectares of prospective ground, most of which has never been explored previously for lithium.This news release includes certain "ForwardLooking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forwardlooking information" under applicable Canadian securities laws. These forwardlooking statements or information relate to, among other things: required regulatory approvals and fulfilling other closing conditions related to the Offering; closing of the Offering and the closing date; the use of the proceeds raised from the Offering; and the exploration and development of the Companys properties.Forwardlooking statements and forwardlooking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Targa, future growth potential for Targa and its business, and future exploration plans are based on managements reasonable assumptions, estimates, expectations, analyses and opinions, which are based on managements experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of lithium and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Targas ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.These statements reflect Targas respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, without limitation: price volatility of lithium and other metals; risks associated with the conduct of the Companys mineral exploration activities in Canada; regulatory, consent or permitting delays; risks relating to reliance on the Companys management team and outside contractors; the Companys inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Companys interactions with surrounding communities; the Companys ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in Targas management discussion and analysis and other public disclosure documents.