(TheNewswire)
Toronto, Ontario – TheNewswire - April24, 2023 – Tantalex Lithium Resources Corp. (CSE:TTX ) – ( FSE:DW8 ) – ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), is pleased to announce that it has entered into a loanagreement with a director of the Corporationwhereby it will receive an amount of USD$2,000,000 (the“ Loan ”) (the “ LoanAgreement ”).
The Corporation will receive the Loan in two tranches:USD$500,000 due by April 24, 2023 and the balance of USD$1,500,000 dueby May 1, 2023. The loan is unsecured, bears an interest fee of 10%and is due forty-five (45) days from the date of the execution of theLoan Agreement. The proceeds from the loan will be used for generalworking capital and progressing on the completion of the Titan plantconstruction and advancing the Manono tailings preliminary economicassessment and feasibility study.
The Loan Agreement is a “related party transaction”as defined under Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions (“ MI 61-101 ”).However, such participation would be exempt from the formal valuationand minority shareholder approval requirements of MI 61-101 as thefair market value, nor the consideration for the loan, would exceed25% of the Corporation’s market capitalization. The Corporation didnot file a material change report in respect of the related partytransaction at least 21 days prior to the closing of the Loan, whichthe Corporation deems reasonable in the circumstances in order toclose the Loan transaction in an expeditious manner.
The Loan has been provided on reasonable commercialterms that are not less advantageous to the Corporation than if itwere obtained from an arm's length party.
About Tantalex Lithium ResourcesCorporation
Tantalex Lithium is an exploration and developmentstage mining company engaged in the acquisition, exploration,development and distribution of lithium, tin, tantalum and otherhigh-tech mineral properties in Africa.
It is currently focused on developing its lithiumassets in the prolific Manono area in the Democratic Republic ofCongo; The Manono Lithium Tailings Project and the Pegmatite CorridorExploration Program.
Cautionary Note Regarding ForwardLooking Statements
This presentation includes certainstatements that may be deemed forward looking statements. Allstatements in this document, other than statements of historicalfacts, which address future production, reserve potential, explorationactivities and events or developments that the Company expects, areforward looking statements. Such forward-looking statements include,without limitation: (i) estimates of future lithium, tin and tantalumprices, supply, demand and/or production; (ii) estimates of futurecash costs and revenues; (iii) estimates of future capitalexpenditures; (iv) estimates regarding timing of future development,construction, production or closure activities; (v) statementsregarding future exploration results; (vi) statements regarding coststructure, project economics, or competitive position; (vii)statements comparing the Company’s properties to other mines,projects or metals; (vii) receipt of the funds of the Loan Agreement.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those in theforward-looking statements. Factors that could cause actual results todiffer materially from those in forward looking statements include market prices,exploitation and exploration successes, continued availability ofcapital and financing, and general economic, market or businessconditions. Investors are cautioned that any such statements are notguarantees of future performance, that the Company expressly disclaimsany responsibility for revising or expanding the forward- lookingstatements to reflect actual results or developments, and that actualresults or developments may differ materially from those projected, inthe forward-looking statements, except as required by law.
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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