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Tantalex Resources Exercises Option to Acquire Majority Stake in the Manono Lithium Tailings Project and Announces Issuance of Shares
Toronto, Ontario – TheNewswire - June 17, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX) - (CNSX:TTX.CN) – (FSE:1T0) (“Tantalex” or the “Corporation”), is pl
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario – TheNewswire - June 17, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX) - (CNSX:TTX.CN) – (FSE:1T0) (“Tantalex” or the “Corporation”), is pleased to announce that its Congolese subsidiary Tantalex SAU (“TTX SAU”) has effectively exercised its option to acquire an additional 27% stake in the MINOCOM SAS joint venture from MINOR SARL for a total consideration of USD $500,000 and the issuance of 35,000,000 common shares of TTX pursuant to an amending agreement executed on May 17, 2022. The original contract was dated July 15, 2021 in which the original consideration was USD $10,000,000 or the issuance of 20,000,000 common shares of TTX, at the sole option of MINOR. This will bring total ownership of TTX SAU into the MINOCOM SAS to 52% and where MINOR will hold 18% and Cominiere SA will hold 30%. The Corporation would also like to announce it has converted some debt into common shares of the Corporation, extended two other debts, exercised warrants and granted incentive stock options and restricted stock units. Conversion of Debt Further to the expiration of certain convertible debentures on May 10th, 2022, one debt holder has converted an amount of CAD $497,982 of two original convertible debentures of original debentures at USD $550,000 (the “Debentures”) into 9,959,640 common shares of the Corporation (the “Common Shares”). The Debenture bore an interest at a rate of 10% per annum, convertible at the option of the holder at $0.05 per Common Share. The conversion has been made prior to the maturity date, being May 10, 2022. Extension of Debt A second debt holder has elected to extend his two convertible debentures for an additional six months at a reduced interest rate of 4% per annum, convertible at the option of the holder at $0.05 per Common Share. The Maturity Date is November 10, 2022. The total debentures extended are for an amount of USD $1,3500,000 USD and CAD $700,000 each. This same debt holder has elected to extend other convertible debentures for an amount of $USD 750,000 and CAD 100,000 for the same terms and conditions. Exercise of Warrants One Tantalex shareholder has exercised his 10,000,000 warrants at an exercise price of $0.05 (the “Warrants”) into 10,000,000 Common Shares of the Corporation in connection with a private placement completed in December 2020 and the Warrants were s...