(TheNewswire)
Toronto, Ontario – TheNewswire - June17, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX ) - (CNSX:TTX.CN) – ( FSE:1T0) (“ Tantalex ” or the“ Corporation ”), is pleased to announce that its Congolese subsidiaryTantalex SAU (“ TTXSAU ”) has effectively exercised its option toacquire an additional 27% stake in the MINOCOM SAS joint venture fromMINOR SARL for a total consideration of USD $500,000 and the issuanceof 35,000,000 common shares of TTX pursuant to an amending agreementexecuted on May 17, 2022. The original contract was dated July 15,2021 in w hich theoriginal consideration was USD $10,000,000 or the issuance of20,000,000 common shares of TTX, at the sole option of MINOR.
This will bring total ownership of TTX SAU into theMINOCOM SAS to 52% and where MINOR will hold 18% and Cominiere SA willhold 30%.
The Corporation would also like to announce it hasconverted some debt into common shares of the Corporation, extendedtwo other debts, exercised warrants and granted incentive stockoptions and restricted stock units.
Conversion of Debt
Further to the expiration of certain convertibledebentures on May 10 th , 2022, one debt holder has converted anamount of CAD $497,982 of two original convertible debentures oforiginal debentures at USD $550,000 (the “ Debentures ”) into9,959,640 common shares of the Corporation (the “ Common Shares ”).The Debenture bore an interest at a rate of 10% per annum, convertibleat the option of the holder at $0.05 per Common Share. The conversionhas been made prior to the maturity date, being May 10, 2022.
Extension of Debt
A second debt holder has elected to extend his twoconvertible debentures for an additional six months at a reducedinterest rate of 4% per annum, convertible at the option of the holderat $0.05 per Common Share. The Maturity Date is November 10, 2022. Thetotal debentures extended are for an amount of USD $1,3500,000 USD andCAD $700,000 each. This same debt holder has elected to extend otherconvertible debentures for an amount of 750,000 and CAD 100,000for the same terms and conditions.
Exercise of Warrants
One Tantalex shareholder has exercised his 10,000,000warrants at an exercise price of $0.05 (the “ Warrants ”) into10,000,000 Common Shares of the Corporation in connection with aprivate placement completed in December 2020 and the Warrants were setto expire on June 3, 2022.
Following the conversion of debt and the exercise ofWarrants, the Corporation’s issued and outstanding shares stands nowat 503,611,398.
Grant of Incentive Stock Options andRestricted Stock Units
As the Corporation is increasing its operational andcorporate team, it has decided to award incentive stock options andrestricted stock units (the “ RSU ”) to certain employees, consultants,officers and directors of the Corporation pursuant to its Stock OptionPlan and RSU Plan. The Corporation has granted 3,750,000 stock optionsand 8,900,000 RSU.
The stock options are exercisable at a price of $0.10and will vest upon the completion of certain project milestones. TheRSU are time-based and performance-based, based on the continuedperformance of targeted share prices on the Canadian SecuritiesExchange (the “ CSE ”).
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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