Toronto-based mining company, Tantalex Lithium Resources Corp., has recently made two significant announcements. Firstly, the company is pleased to announce a non-brokered private placement, which aims to raise up to USD$3,000,000 in gross proceeds. The private placement will consist of approximately 118,586,450 common shares at a price of $0.035 per share. The final number of shares issued will depend on the exchange rate between the US and Canadian currencies on the closing date. Notably, there will be no finders fees paid on the private placement.
Certain insiders of Tantalex, including director Mr. Simon Collins and Afrimet Resources Ag, may also participate in the private placement. However, the company expects that their participation will be exempt from the formal valuation and minority shareholder approval requirements, as it would not exceed 25% of the corporation’s market capitalization.
The proceeds from the private placement will be used for project expenditures related to the optimization of the TiTan tin and tantalum plant, as well as for general working capital. All securities issued as part of the private placement will be subject to a four-month-and-one-day statutory hold period, as per applicable securities law.
In addition to the private placement, Tantalex Lithium Resources Corp. is delighted to announce the revocation of the failure to file cease trade order (FFCTO) that was issued by the Ontario Securities Commission on July 8, 2024. The revocation became effective on August 1, 2024, and the company’s common shares resumed trading on August 2, 2024. The FFCTO was initially issued due to the delay in filing the company’s audited consolidated annual financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the year ended February 29, 2024. However, these documents have since been filed.
Tantalex Lithium Resources Corp. is an exploration and development stage mining company that focuses on the acquisition, exploration, development, and distribution of lithium, tin, tantalum, and other high-tech mineral properties in Africa. The company is currently operating its TiTan tin and tantalum concentrate plant and developing its lithium assets in the Manono area of the Democratic Republic of Congo, including the Manono Lithium Tailings Project and the Pegmatite Corridor Exploration Program.
Please note that this news release does not constitute an offer to sell or the solicitation of an offer to buy securities, and the common shares mentioned in this release have not been registered under the United States (U.S.) Securities Act of 1933, as amended. Therefore, they may not be offered or sold in the U.S. or to U.S. persons without proper registration or an applicable exemption.
For more information, please contact Eric Allard, President & CEO of Tantalex Lithium Resources Corp., via email at ea@tantalex.ca or visit the company’s website at www.tantalexlithium.com.