(TheNewswire)
Toronto, Ontario – TheNewswire - July8, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX ) – (CNSX:TTX.CN) – ( FSE:1T0)(“ Tantalex ” or the “ Corporation ”), is pleased to announce thatit has entered into two loan agreements effective June 30, 2022 andhas issued a convertible debenture effective July 8, 2022.
Loan agreement – AfriMet ResourcesAG
Tantalex has entered into a loan agreement with AfriMetResources AG (“ AfriMet ”), a corporation incorporated underthe laws of Switzerland and involved in metals and minerals commoditytrading specialising in Africa-sourced products including tin,tantalum and lithium. Pursuant to this loan agreement (“ Loan #1 ”) AfriMetmade available a loan facility of USD$7,213,006.56 for the purpose offinancing of mining equipment for the Lubule Tin & TantalumAlluvial Project. Loan #1 shall carry interest at a rate of 10% perannum that are payable on March 31, June 30, September 30 and December31 of each year. Tantalex must repay this Loan #1 on the date falling18 months from the commencement of the commercial mining and mineralsprocessing operations at the Lubule Tin & Tantalum Project or byDecember 31, 2024, whichever is earlier.
Loan agreement – Trade CloudServices PTE LTD.
Tantalex has also entered into a loan agreement withTrade Cloud Services PTE LTD. (“ Trade Cloud ”)incorporated under the laws of Singapore and specialized incloud-based commodities platform for minerals and metals physicalmarkets. Pursuant to this loan agreement (“ Loan #2 ”), TradeCloud has agreed to make available this loan for an amount of up toUSD$3,000,000 for the purpose of completing the financing for TantalexLithium’s Lubule plant to produce tin and tantalum concentrates.Loan #2 shall carry interest at a rate of 10% per annum for the first12 months and an additional annual rate of five per cent (5%) shall beapplied to bring the interest rate to fifteen percent (15%) per annumfor any days in delay in the repayment. Trade Cloud shall pay theamount of USD$1,000,000 upon the Corporation evidencing the receipt oflicensing on the Lubule Tin & Tantalum Alluvial Project (the“ First Drawdown ”). An additional USD$1,000,000 will be paid thirty (30)days of the First Drawdown and another USD$1,000,000 as well sixty(60) days of the First Drawdown. Tantalex must repay this Loan #2 atthe latest twelve (12) months from the date of the First Drawdown.
Convertible Debenture -AfriMet
Tantalex has closed a private placement ofUSD$1,231,784.08 principal amount of an unsecured convertibledebenture with AfriMet on July 8, 2022 (the “ Convertible Debenture ”). The Convertible Debenture has a one-year term and willmature on July 10, 2023 (the “ Maturity Date ”). The Convertible Debenturebears interest at 10% per annum, payable at any time prior to theMaturity Date in cash or common shares of the Corporation (the“ Common Shares ”), at the option of the Corporation. At any time duringthe term, AfriMet may elect to convert the outstanding principal netamount, or any portion thereof, into Common Shares at a conversionprice of $0.10 per share.
The Convertible Debenture and any Common Sharesissuable upon conversion thereof will be subject to a statutory holdperiod lasting four months and one day following the closing date ofthe Convertible Debenture.
About Tantalex Lithium ResourcesCorporation
Tantalex is a mining company engaged in theacquisition, exploration, development and distribution of lithium,tin, tantalum and other high-tech mineral properties in Africa. TheCorporation is listed on the Canadian Stock Exchange (symbol: TTX) andthe Frankfurt Stock Exchange (symbol: 1T0).
Cautionary Note Regarding ForwardLooking Statements
The information in this news releaseincludes certain information and statements about management's view offuture events, expectations, plans and prospects that constituteforward looking statements. These statements are based uponassumptions that are subject to significant risks and uncertainties.Because of these risks and uncertainties and as a result of a varietyof factors, the actual results, expectations, achievements orperformance may differ materially from those anticipated and indicatedby these forward looking statements. Although Tantalex believes thatthe expectations reflected in forward looking statements arereasonable, it can give no assurances that the expectations of anyforward looking statements will prove to be correct. Except asrequired by law, Tantalex disclaims any intention and assumes noobligation to update or revise any forward looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions, changes in factors affecting suchforward looking statements or otherwise.
The Canadian Securities Exchange(CSE) has not reviewed this news release and does not acceptresponsibility for its adequacy or accuracy.
For more information, please contact:
Eric Allard
President & CEO
Email: ea@tantalex.ca
Website: https://tantalexlithium.com/
Tel: 1-581-996-3007
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