Targa Exploration Corp. acquired Musquaro Lake Lithium Project from Wildwood Exploration Inc., Shawn Ryan, Isaac Fage, Callum Ryan, Simon Cash and Adam Fage.
May 10, 2023
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Targa Exploration Corp. (CNSX:TEX) entered into an agreement to acquire Musquaro Lake Lithium Project from Wildwood Exploration Inc., Shawn Ryan, Isaac Fage, Callum Ryan, Simon Cash and Adam Fage for CAD 2.15 million on April 17, 2023. In consideration for the Musquaro Lake Project, Targa will: (a) pay to Wildwood cash consideration of CAD 150,000, payable as to 50% on the closing date and 50% following completion of a Qualifying Financing; (b) issue to the Sellers an aggregate of 2,500,000 Common Shares; and (c) grant to Shawn Ryan a 1% net smelter return royalty on the Musquaro Lake Project. The Transaction is subject to regulatory approval. All Common Shares issued to the Sellers will be subject to a four month hold period which will expire on the date that is four months and one day from the closing of the Transaction (the "Closing"). In addition, the Sellers have agreed to a voluntary escrow arrangement whereby one-third of the Common Shares will be released from escrow every four months after Closing, with the first such release date to occur on the date that is four months from Closing.
Targa Exploration Corp. (CNSX:TEX) completed the acquisition of Musquaro Lake Lithium Project from Wildwood Exploration Inc., Shawn Ryan, Isaac Fage, Callum Ryan, Simon Cash and Adam Fage on May 11, 2023.
Targa Exploration Corp. is a Canadian lithium exploration company engaged in the acquisition, exploration, and development of lithium mineral properties. The Companyâs lithium project portfolio consists of about 15 projects in the provinces of Quebec, Ontario, Manitoba, and Saskatchewan and covers over 400,000 hectares (ha) of prospective ground. The Companyâs projects include the Opinaca Project, Leaf River Project, Musquaro Project, Ungava Project, Pegmatite Beach Project, Harricana Project, Superior Projects, Sky Lake Project, Slim Jim Project, Case Lake Project, Lakeshore Project, Detour West Project, White Metal Project, and Prince-Albert Lake Project. Its gold-silver project in the province of Yukon is Shanghai Project. The Opinaca Lithium Property is located within the Opinaca sedimentary basin in James Bay, Quebec. The Leaf River Project consists of two individual blocks of mineral claims in the Nunavik region of northern Quebec totaling about 25,636 ha.
Targa Exploration Corp. acquired Musquaro Lake Lithium Project from Wildwood Exploration Inc., Shawn Ryan, Isaac Fage, Callum Ryan, Simon Cash and Adam Fage.