(TheNewswire)
Toronto, Ontario – TheNewswire - October 20, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX ) – ( FSE:DW8 ) – ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), has closed the final tranche of a non-brokered privateplacement (the “ PrivatePlacement ”) for gross proceeds of$697,424.
The Corporation has issued 8,717,800 common shares (the“ Common Shares ”) at a price of $0.08 per Common Share of the Corporation.The Corporation has completed an initial first tranche closing onAugust 9, 2022 by the issuance of 6,512,500 Common Shares for grossproceeds of $521,000.
Simon Collins, a Director of the Corporation subscribedfor 3,225,000 common shares in the first tranche. Michel Lebeuf, theCorporate Secretary, has subscribed for 342,050 shares in the finaltranche. These shares were issued to related parties (within themeaning of Multilateral Instrument 61-101 – Protection of MinoritySecurity Holders in Special Transactions (“ MI 61-101 ”)) andsuch issuances are considered "related party transactions"for the purposes of MI 61-101. Such relatedparty transactions are exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101 as neither the fairmarket value of the securities being issued to the related parties northe consideration being paid by the related parties exceeded 25% ofthe Corporation’s market capitalization at the date of issuance. Therecipients of the Common Shares and the extent of such participationwere not finalized until shortly prior to the completion of theissuance described herein. Accordingly, it was not possible topublicly disclose details of the nature and extent of related partyparticipation in the transactions contemplated hereby pursuant to amaterial change report filed at least 21 days prior to the completionof such transactions. All of the Common Shares were issued pursuant toan exemption from the prospectus requirement of applicable securitieslaws.
The proceeds of the offering will be used for generalworking capital purposes. All securities issued pursuant to thePrivate 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.
About Tantalex Lithium ResourcesCorporation
Tantalex is an exploration and development stage miningcompany engaged in the acquisition, exploration, development anddistribution of lithium, tin, tantalum and other high-tech mineralproperties in Africa. The Corporation is listed on the Canadian StockExchange (symbol: TTX) Frankfurt Stock Exchange (symbol: DW8) andOTCQB Venture Market (symbol TTLXF).
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 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: https://tantalexlithium.com/
Tel: 1-581-996-3007
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