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Tantalex Lithium Resources Closes Debt Settlement Agreements and Announces a Further Settlement
Toronto, Ontario / TheNewswire / March 7, 2024 – Tantalex Lithium Resources Corp. (CSE:TTX) (FSE:DW8) (OTC:TTLXF) (“Tantalex” or the “Corporation”) announces th
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario / TheNewswire / March 7, 2024 – Tantalex Lithium Resources Corp. (CSE:TTX) (FSE:DW8) (OTC:TTLXF) (“Tantalex” or the “Corporation”) announces that further to its news release dated February 21, 2024, it has settled various outstanding debt in the amount of CDN$5,526,398.40 (the “Debt”), effective February 28, 2024. The Corporation owes International Cobalt Corp. (“ICC”) an amount of CDN$5,324,275.30, which stems from multiple unsecured convertible debentures of principal amounts of USD$2,100,000 and CDN$800,000 entered into between the parties in 2018 and in 2020 bearing an interest rate of 4% that became due in November of 2022, such debt is settled by issuing an aggregate of 106,485,506 common shares in the capital of the Corporation (the “Common Shares”) at a price of CDN$0.05 per Common Share and 50,000,000 common shares purchase warrants (the “Warrants”), exercisable into 50,000,000 Common Shares at a price of $0.10 for a period of thirty (30) months from issuance (the “ICC Debt Settlement”). Moreover, the Corporation owes a consulting company and a news coverage and digital marketing service provider, CDN$113,000 and $89,123.10, respectively. The Corporation issued to each company, respectively, 2,260,000 Common Shares at a price of $0.05 per common Share and 1,782,462 Common Shares at a price of $0.05 per common Share (the “Services Debt Settlement”). The Board of Directors has determined it is in the best interests of the Corporation to settle the outstanding Debt by the issuance of Common Shares and Warrants in order to preserve the Corporation’s cash for general working capital purposes. The issuance resulted in a new insider of the Corporation. The ICC Debt Settlement precludes ICC, together with any other voting or equity securities beneficially owned by the creditor, its associates and affiliates, directly or indirectly, from owning, or having control or direction over, 20% or more of the issued and outstanding voting securities of the Corporation on a non-diluted basis. The Common Shares and Warrants to be issued pursuant to the ICC Debt Settlement and Services Debt Settlement will be subject to a hold period of four (4) months and one (1) day from the date of issuance. Prior to the transactions, ICC did not own any securities of the Corporation. After giving effect to the transactions, ICC owns, di...