Business
Tantalex Lithium Resources Provides Update on Private Placement and Announces Proposed Shares for Debt Settlement
Toronto, Ontario - TheNewswire - April 14, 2025 – Tantalex Lithium Resources Corp. (CSE: TTX – FSE: DW8 – OTCQB: TTLXF) (“Tantalex” or the “Corporation”) is ple
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario - TheNewswire - April 14, 2025 – Tantalex Lithium Resources Corp. (CSE: TTX – FSE: DW8 – OTCQB: TTLXF) (“Tantalex” or the “Corporation”) is pleased to provide an update to its previously announced non-brokered private placement offering of common shares (the “Common Shares”) for gross proceeds of up to USD$1,500,000 (the “Offering”) initially announced via news release dated March 21, 2025. The Corporation announces its intention to include a shares for debt component within the Offering, settling certain outstanding debts through the issuance of securities. As previously announced, the Corporation intends to complete a non-brokered private placement financing of approximately up to 86,000,000 Common Shares at a price of CDN$0.025 per Common Share (the “Private Placement”). The final number of Common Shares to be issued in the Offering, is subject to change depending on the foreign exchange rate of the US currency to Canadian currency to be determined on the closing date. There will be no finders’ fees paid. Certain insiders of the Corporation may acquire Common Shares in the Offering. 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 Offering 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 not been, nor will they be, registered under the United States (U.S.) Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registrati...