12:16:45 EST Fri 02 Dec 2022
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Tantalex Resources Corp
Symbol TTX
Shares Issued 363,913,335
Close 2021-10-13 C$ 0.075
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Tantalex closes acquisition of Minocom interest

2021-10-13 16:19 ET - News Release

Mr. Eric Allard reports

TANTALEX RESOURCES CORPORATION SIGNS DEFINITIVE AGREEMENT WITH MINOR FOR EXPANDED RESOURCE AREA IN MANONO

Tantalex Resources Corp. has completed the deed of agreement with Minor SARL to acquire 25 per cent of the shares in Minocom SAS, holder of the mining concession PER 13698 with an irrevocable option to acquire an additional 27 per cent at any time following completion of the mineral resource estimate on the Manono-Kitotolo lithium and tin tailings project. Presently, Minocom SAS is held 25 per cent by Tantalex Resources, 45 per cent by Minor SARL and 30 per cent by Cominiere SA, a state-owned entity. Following the exercise of the option by Tantalex to acquire an additional 27 per cent of Minocom SAS, Tantalex will hold 52 per cent of the shares of Minocom SAS and a right of first refusal for the 18 per cent still owned by Minor SARL. As per the agreement, Eric Allard, chief executive officer of Tantalex Resources, will be appointed managing director of Minocom SAS.

Corporate update

AfriMet Resources Ag (AMR) has now fully paid 80 per cent of its 2.5 million warrant exercise with the remaining 20 per cent to be paid by Nov. 10.

As per the terms of the agreement signed with Minor, Tantalex will issue 20 million common shares and pay the remaining $1-million (U.S.) to Minor SARL. AfriMet Resources has provided a convertible debenture loan of $1-million (U.S.) with a maturity period of 18 months, 10-per-cent interest rate and conversion price of seven cents.

The company will also be issuing 16 million share options to certain senior officers, directors and consultants of the company at a price of eight cents per share.

The company has also agreed to issue an aggregate of 2,486,000 common shares at a price of seven cents per share in settlement of outstanding debt of $174,020 owing to certain directors 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 letter of intent for Niotaz property

Tantalex would also like to announce that further to the binding LOI signed on Feb. 18 with a prospector regarding an earn-in option on the NioTaz property in the province of Quebec, the phase 1 work program that was scheduled to be performed prior to Sept. 30 did not proceed as planned.

It has therefore been mutually agreed with the prospector to amend its binding LOI and that Tantalex will now hold 51-per-cent ownership of the property in exchange for future consideration to be negotiated with the prospector. The properties have now been renewed and are valid for the next two years. Tantalex will inform in due time of exploration activities to be performed on the property.

These claims are contiguous to the well-known Crevier property, held by Niobay Metals Inc., which has measured and indicated resources of 25.4 million tons of Nb2O5 grading 0.2 per cent and Ta2O5 grading 234 parts per million.

The Niotaz showing was only discovered on the claims of Bernard Senechal, a prospector, in 2009, when several samples returned anomalous values, including 2,050 ppm niobium and 469 ppm tantalum in a grab sample. This showing was resampled in 2012 and returned 1,890 ppm Nb and 508 ppm Ta in a grab sample.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Gary Pearse, MSc, PEng, who is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.

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