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Tantalex Lithium Resources Announces Final Tranche Closing of Private Placement
Toronto, Ontario - TheNewswire - June 28, 2024 – Tantalex Lithium Resources Corp. (CSE: TTX) – (FSE: DW8) – (OTCQB: TTLXF) (“Tantalex” or the “Corporation”), is
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario - TheNewswire - June 28, 2024 – Tantalex Lithium Resources Corp. (CSE: TTX) – (FSE: DW8) – (OTCQB: TTLXF) (“Tantalex” or the “Corporation”), is pleased to announce a final tranche closing of a non-brokered private placement for gross proceeds of $359,750 (the “Private Placement”). The Corporation has issued 10,278,571 common shares (the “Common Shares”) at a price of $0.035 per Common Share of the Corporation. The Common Shares were issued based on an exchange rate of USD$1.00 = CDN$1.3690. The Corporation did not pay any finder’s fees on a portion of the Private Placement. A first tranche of the Private Placement closed on May 6, 2024, a second tranche was closed on May 27, 2024 and a third tranche was closed on June 12, 2024. Mr. Simon Collins, a director of the Corporation, acquired 9,778,571 Common Shares for total consideration of CDN$342,250. The participation of Mr. Collins, an insider of the Corporation, constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Notwithstanding the foregoing, the Corporation has determined that Mr. Collins’ participation in the Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the Common Shares purchased nor the consideration paid by him exceeds 25% of the Corporation’s market capitalization. The Corporation did not file a material change report more than 21 days before the expected closing of the Private Placement as the participation by Mr. Collins was not settled until shortly prior to closing and the Corporation wished to close on an expedited basis for sound business reasons. The Private Placement was previously approved by the disinterested directors of the Corporation. No special committee was established in connection with the transaction, and no materially contrary view was expressed or made by any director. The proceeds of the Private Placement will be used for project expenditures related to the optimization of the TiTan tin and tantalum plant and for general working capital. All securities issued pursuant to the Private Placement will be ...