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Tantalex Resources Corporation Signs Definitive Agreement with Minor for Expanded Resource Area in Manono
Toronto, Ontario – TheNewswire - October 13, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to anno
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario – TheNewswire - October 13, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to announce that it has completed the Deed of Agreement with Minor SARL to acquire 25% of the shares in MINOCOM SAS, holder of the mining concession PER 13698 with an irrevocable option to acquire an additional 27% at anytime following completion of the mineral resource estimate on the Manono-Kitotolo Lithium & Tin Tailings Project. Presently, MINOCOM SAS is held 25% by Tantalex Resources, 45% by MINOR SARL and 30% by Cominiere SA, a state-owned entity. Following the exercise of the option by Tantalex to acquire an additional 27% of MINOCOM SAS, Tantalex will hold 52% of the shares of MINOCOM SAS and a Right of First Refusal for the 18% still owned by MINOR SARL. As per the agreement, Eric Allard, CEO of Tantalex Resources, will be appointed Managing Director of MINOCOM SAS. Corporate Update AfriMet Resources Ag (AMR) have now fully paid 80% of their 2.5M warrant exercise with the remaining 20% to be paid by November 10th. As per the terms of the Agreement signed with Minor, Tantalex will issue 20,000,000 common shares and pay the remaining USD $1,000,000 to MINOR SARL. AfriMet Resources have provided a convertible debenture loan of USD $1,000,000 with a maturity period of 18 months, 10% interest rate and conversion price of 7 cents. The Company will also be issuing 16,000,000 share options to certain senior officers, directors and consultants of the company at a price of $0,08 cents per share. The Company has also agreed to issue an aggregate of 2,486,000 common shares at a price of $0.07 per Share in settlement of outstanding debt of CAD $174 020,00 (the “Shares for Debt Transaction”), owing to certain director’s and consultants of the Company. The Company decided to settle the outstanding debt with the issuance of Shares in order to preserve its remaining cash for operations. All securities issued in connection with the Shares for Debt Transaction are subject to a four-month hold period, which will expire on the date that is four months and one day from the date of issue. TANTALEX AMENDS LOI FOR NIOTAZ PROPERTY Tantalex would also like to announce that further to the binding LOI signed on February 18th with a prospector regarding an earn-in option on the NioTaz prope...