(TheNewswire)
Toronto, Ontario – TheNewswire - June 29, 2023 – Tantalex Lithium Resources Corp.(CSE:TTX ) – ( FSE:DW8 ) – ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), is pleased to announce a non-brokered private placementconsisting of approximately 15,542,264 common shares (the“ Common Shares ”) at a price of $0.11 per Common Share for gross proceedsof up to USD$1,300,000 (the “ Private Placement ”).
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. Such closingdate is scheduled to occur on or about July 7, 2023, or any other datethe Corporation determines. The Corporation may pay finder’s fees ona portion of the Private Placement, subject to compliance with thepolicies of the Canadian Securities Exchange and applicable securitieslegislation.
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 61-101Protection of Minority Security Holders in Special Transactions(“ MI 61-101”). However, the Corporation expects suchparticipation would be exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101 as the fair marketvalue of the Units subscribed for by the insiders, nor theconsideration for the Units paid by such insiders, would exceed 25% ofthe Corporation’s market capitalization.
The proceeds of the Private Placement will be used forgeneral working capital purposes. All securities issued pursuant tothe Private Placement will be subject to a four-month-and-one daystatutory hold period in accordance with applicable securitieslaw.
The securities being referred to in this news releasehave not been, nor will they be, registered under the United States(U.S.) Securities Act of 1933, as amended, and may not be offered orsold in the U.S. or to, or for the account or benefit of, U.S. personsabsent registration or an applicable exemption from the registrationrequirements. This news release does not constitute an offer to sellor the solicitation of an offer to buy nor shall there be any sale ofthe securities in any jurisdiction in which such offer, solicitationor sale would be unlawful.
Conversion of debt into CommonShares
On April 24, 2023, the Corporation announced theexecution of a loan agreement with a director of the Corporationwhereby the Corporation received USD$2,000,000 (the “ Loan Agreement ”).The Corporation received the loan in two tranches: USD$500,000 due byApril 24, 2023 and the balance of USD$1,500,000 due by May 1, 2023.The loan is unsecured, bears an interest fee of 10% and is dueforty-five (45) days from the date of the execution of the LoanAgreement. The Corporation and the director agreed to convert theamount of USD$2,000,000 and the 10% interest fee of USD$200,000 into26,922,546 Common Shares of the Corporation at an issue price of $0.11per Common Share.
Conversion of stock options
A director and a consultant have exercised 4,333,333stock options into common shares of the Corporation. 3,333,333 CommonShares were exercised at a price of $0.03 per Common Share, 800,000Common Shares were exercised at a price of $0.01 per Common Share, and200,000 Common Shares were exercised at a price of $0.07 per CommonShare.
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 newsrelease includes certain statements that may be deemed forward lookingstatements. All statements in this document, other than statements ofhistorical facts, which address future production, reserve potential,exploration activities and events or developments that the Companyexpects, are forward looking statements. Such forward-lookingstatements include, without limitation: (i) estimates of futurelithium, tin and tantalum prices, supply, demand and/or production;(ii) estimates of future cash costs and revenues; (iii) estimates offuture capital expenditures; (iv) estimates regarding timing of futuredevelopment, construction, production or closure activities; (v)statements regarding future exploration results; (vi) statementsregarding cost structure, project economics, or competitive position;(vii) statements comparing the Company’s properties to other mines,projects or metals; and (viii) the closing of the Private Placement.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 includemarket prices, exploitation and exploration successes, continuedavailability of capital and financing, and general economic, market orbusiness conditions. Investors are cautioned that any such statementsare not guarantees of future performance, that the Company expresslydisclaims any responsibility for revising or expanding the forward-looking statements to reflect actual results or developments, and thatactual results or developments may differ materially from thoseprojected, in the forward-looking statements, except as required bylaw.
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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