Tantalex Lithium Resources Announces First Tranche Closing of Private Placement

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[{"type":"text","content":"Toronto, Ontario – TheNewswire - May 6, 2024 – Tantalex Lithium Resources Corp. (CSE:TTX) – (FSE:DW8) – (OTCQB:TTLXF) (“Tantalex” or the “Corporation”), is pleased to announce a first tranche closing of a non-brokered private placement for gross proceeds of USD$250,000 (the “Private Placement”). The Corporation has issued 9,765,714 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$1.372. The Corporation did not pay any finder’s fees on a portion of the Private Placement. Mr. Simon Collins, a director of the Corporation, acquired 9,765,714 Common Shares for total consideration of CDN$341,800. 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 will be 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 subject to a four-month-and-one day statutory hold period in accordance with applicable securities law. The securities being referred to in this news release have...

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