(TheNewswire)
Toronto, Ontario – TheNewswire - June 7 th , 2024 – Tantalex Lithium Resources Corp. (CSE: TTX ) – ( FSE: DW8 ) – ( OTCQB: TTLXF) ( “ Tantalex ” or the “ Corporation ” ) ispleased to report on progress with the TiTan plant optimizationprogram with the arrival of the new scrubber at the project site thisweek. Optimization works will continue and installation of thescrubber will proceed in the coming weeks for a planned resumption ofproduction of our tin and tantalum concentrates in approximately 6-8weeks.
The Corporation intends to close further tranches ofits non-brokered private placement consisting of approximately117,090,857 common shares (the “ Common Shares ”) ata price of $0.035 per Common Share for gross proceeds of up toUSD$3,000,000 that was previously announced on April 29, 2024 (the“ PrivatePlacement ”).
The number of Common Shares to be issued is subject tochange depending on the foreign exchange rate of the US currency toCanadian currency to be determined on the closing date. TheCorporation may pay finder’s fees on a portion of the PrivatePlacement, subject to compliance with the policies of the CanadianSecurities Exchange and applicable securities legislation. TheCorporation closed its first tranche on May 6, 2024 and its secondtranche on May 27, 2024 and intends to close further tranches.
Certain insiders of the Corporation may acquire CommonShares in the Private Placement. Any participation by insiders in thePrivate Placement would constitute a “related partytransaction" as defined under Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions (“ MI 61-101 ”). However, the Corporation expects such participationwould be exempt from the formal valuation and minority shareholderapproval requirements of MI 61-101 as the fair market value of theCommon Shares subscribed for by the insiders, nor the considerationfor the Common Shares paid by such insiders, would exceed 25% of theCorporation’s market capitalization.
The proceeds of the Private Placement will be used forproject expenditures related to the optimization of the TiTan tin andtantalum plant and for general working capital. All securities issuedpursuant to the Private Placement will be subject to afour-month-and-one day statutory hold period in accordance withapplicable securities law.
The Common Shares being referred to in this newsrelease have not been, nor will they be, registered under the UnitedStates (U.S.) Securities Act of 1933, as amended, and may not beoffered or sold in the U.S. or to, or for the account or benefit of,U.S. persons absent registration or an applicable exemption from theregistration requirements. This news release does not constitute anoffer to sell or the solicitation of an offer to buy nor shall therebe any sale of the securities in any jurisdiction in which such offer,solicitation or sale would be unlawful.
About Tantalex Lithium Resources Corporation
Tantalex Lithium is an exploration and developmentstage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-tech mineral properties in Africa.
It is currently focused on operating its TiTan tin andtantalum concentrate plant and developing its lithium assets in theprolific Manono area in the Democratic Republic of Congo; The ManonoLithium Tailings Project and the Pegmatite Corridor ExplorationProgram.
Cautionary Note Regarding Forward Looking Statements
This presentation includes certain statements that may be deemed forward looking statements. All statements in this document, other than statements of historical facts, which address future production, reserve potential, exploration activities and events or developments that the Company expects, are forward looking statements. Such forward-looking statements include, without limitation: (i) estimates of future lithium, tin and tantalum prices, supply, demand and/or production; (ii) estimates of future cash costs and revenues; (iii) estimates of future capital expenditures; (iv) estimates regarding timing of future development, construction, production orclosure activities; (v) statements regarding future explorationresults; (vi) statements regarding cost structure, project economics,or competitive position, (vii) statements comparing the Company’sproperties to other mines, projects or metals; and (viii) thesubsequent tranches closings of the Private Placement. Although theCompany believes the expectations expressed in such forward-lookingstatements are based on reasonable assumptions, such statements arenot guarantees of future performance and actual results ordevelopments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes,continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, that the Company expressly disclaims any responsibility for revising or expanding the forward- looking statements to reflect actual results or developments, and that actual results or developments may differ materially from those projected, in the forward-looking statements, except as required bylaw.
For more information, please contact: Eric Allard
President & CEO Email: ea@tantalex.ca
Website: www.tantalexlithium.com Tel: 1-581-996-3007
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