(TheNewswire)
Toronto, Ontario – TheNewswire - January24 th , 2023 – Tantalex Lithium Resources Corp.(CSE:TTX ) – ( FSE:DW8 ) – ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), is pleased to announce that ithas obtained a revolving finance facility ofUSD$3,000,000 on January 13, 2023, for it’s TiTan tin and tantalumconcentrate plant (the “ Facility ”) scheduled to begin production inApril 2023.
The first USD$1,000,000 payment is due on January 23,2023. The remaining funds will be made available for a drawdown as ofFebruary 8, 2023. The Facility shall be repaid in installments ofUSD$125,000, per month plus the interest payable at a rate of 10% perannum.
The Facility entitles its holder AfriMet Resources Agto purchase up to 2,400 metric tonnes (“ mt ”) of tinconcentrate over a period of 24 months at a rate of approximately 100dmt per month.
Construction works have now resumed and transportationof the plant modules from Manono, Democratic Republic of the Congo, tothe plant location are ongoing.
Eric Allard, CEO commented : “With tin metal pricesnow recovering from the 2022 lows and reaching almost USD$30,000 pertonne, the timing to start production of our tin and tantalumconcentrates could not be better. Our team is working very hardthrough the rainy season to reach the April commissioning targetdate.”
Corporate Developments
The Corporation’s joint venture subsidiary, UnitedCominiere SAS (“ Cominiere ”), holder of concessions 12447 and12448 where the TiTan plant is located has completed the mandatorytransfer of 10% of its share capital to the Congolese Governmentupon transformation of a research permit to a mining pemit. Followingthis transfer, the Corporation’s subsidiary Sandstone WorldwideLimited will own 63% of United Cominiere SAS whilst Cominiere SA willown 27% and the Congolese Government will own 10%.
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
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 lookingstatements. Although Tantalex believes that the expectations reflectedin forward looking statements are reasonable, it can give noassurances that the expectations of any forward looking statementswill prove to be correct. Except as required by law, Tantalexdisclaims any intention and assumes no obligation to update or reviseany forward looking statements to reflect actual results, whether as aresult of new information, future events, changes in assumptions,changes in factors affecting such forward looking statements orotherwise.
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: www.tantalexlithium.com
Tel: 1-581-996-3007
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