Targa Exploration Corp. (CSE:TEX) has entered into a binding letter agreement with Northern Lithium and a party of vendors led by John Robins and Leo Hathaway to acquire a 100% interest in 5 lithium exploration projects in Quebec and Ontario.
To acquire a 100% interest in the properties, Targa will issue just over 7.5 million common shares to the vendors, grant a 1% net smelter royalty (NSR) on the properties in favour of Northern Lithium, and make aggregate cash payments of C$755,721.
Targa will also form an advisory board consisting of Craig Parry, John Robins, and Leo Hathaway. This technical and strategic advisory board will support the Targa management team with regards to project geology, target generation, project assessment, exploration techniques, and corporate strategy.
Among other roles, Parry is co-founder and Partner of Inventa Capital, a venture capital advisory firm dedicated to the acquisition and development of assets in the natural resource sector, and he is a partner in specialist resources private equity manager EMR Capital.
Parry’s colleague, Jason Chang who is Chief Executive Officer and Managing Director at EMR Capital, will be joining a keynote panel discussion on day one of the upcoming International Mining and Resources Conference (IMARC) held in Sydney from 31 October to 2 November, of which Mining.com.au is an official media partner.
With Targa’s acquisition of the properties, along with creation of the technical and strategic advisory board, Targa is rapidly advancing towards its goal of establishing itself as Canada’s leading lithium explorer.
Targa is a Canadian lithium exploration company engaged in the acquisition, exploration, and development of lithium mineral properties. Its portfolio consists of 10 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.
Targa is part of the Inventa Capital group of companies.
Write to Adam Orlando at Mining.com.au
Images: Targa Exploration Corp.
