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Tantalex Lithium Resources Announces Progress on TiTan Plant Optimization and Intention to Close Further Tranches of its Private Placement of Up To USD$3m
Toronto, Ontario – TheNewswire - June 7th, 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 7th, 2024 – Tantalex Lithium Resources Corp. (CSE: TTX) – (FSE: DW8) – (OTCQB: TTLXF) (“Tantalex” or the “Corporation”) is pleased to report on progress with the TiTan plant optimization program with the arrival of the new scrubber at the project site this week. Optimization works will continue and installation of the scrubber will proceed in the coming weeks for a planned resumption of production of our tin and tantalum concentrates in approximately 6-8 weeks. The Corporation intends to close further tranches of its non-brokered private placement consisting of approximately 117,090,857 common shares (the “Common Shares”) at a price of $0.035 per Common Share for gross proceeds of up to USD$3,000,000 that was previously announced on April 29, 2024 (the “Private Placement”). The number of Common Shares to be issued is subject to change depending on the foreign exchange rate of the US currency to Canadian currency to be determined on the closing date. The Corporation may pay finder’s fees on a portion of the Private Placement, subject to compliance with the policies of the Canadian Securities Exchange and applicable securities legislation. The Corporation closed its first tranche on May 6, 2024 and its second tranche on May 27, 2024 and intends to close further tranches. Certain insiders of the Corporation may acquire Common Shares in the Private Placement. Any participation by insiders in the Private Placement would constitute a “related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Corporation expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Common Shares subscribed for by the insiders, nor the consideration for the Common Shares paid by such insiders, would exceed 25% of the Corporation’s market capitalization. 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 Common Shares...