Mr. Eric Allard reports
TANTALEX EXERCISES OPTION TO ACQUIRE MAJORITY STAKE IN THE MANONO LITHIUM TAILINGS PROJECT AND ANNOUNCES ISSUANCE OF SHARES
Tantalex Lithium Resources Corp.'s Congolese subsidiary, Tantalex SAU, has effectively exercised its option to acquire an additional 27-per-cent stake in the Minocom SAS joint venture from Minor SARL for a total consideration of $500,000 (U.S.) and the issuance of 35 million common shares of Tantalex Lithium Resources pursuant to an amending agreement executed on May 17, 2022. The original contract was dated July 15, 2021, in which the original consideration was $10-million (U.S.) or the issuance of 20 million common shares of Tantalex Lithium Resources, at the sole option of Minor.
This will bring total ownership of Tantalex SAU into the Minocom joint venture to 52 per cent and where Minor will hold 18 per cent and Cominiere SA will hold 30 per cent.
Also, the corporation 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 10, 2022, one debtholder has converted an amount of $497,982 of two original convertible debentures of original debentures at $550,000 (U.S.) into 9,959,640 common shares of the corporation. The debenture bore interest at a rate of 10 per cent per annum, convertible at the option of the holder at five cents per common share. The conversion has been made prior to the maturity date, being May 10, 2022.
Extension of debt
A second debtholder has elected to extend his two convertible debentures for an additional six months at a reduced interest rate of 4 per cent per annum, convertible at the option of the holder at five cents per common share. The maturity date is Nov. 10, 2022. The total debentures extended are for an amount of $1.35-million (U.S.) and $700,000 each. This same debtholder has elected to extend other convertible debentures for an amount of $750,000 (U.S.) and $100,000 for the same terms and conditions.
Exercise of warrants
One Tantalex shareholder has exercised his 10 million warrants at an exercise price of five cents into 10 million common shares of the corporation in connection with a private placement completed in December, 2020, and the warrants were set to expire on June 3, 2022.
Following the conversion of debt and the exercise of warrants, the corporation's issued and outstanding shares now stands at 503,611,398.
Grant of incentive stock options and restricted stock units
As the corporation is increasing its operational and corporate team, it has decided to award incentive stock options and restricted stock units to certain employees, consultants, officers and directors of the corporation pursuant to its stock option plan and RSU plan. The corporation has granted 3.75 million stock options and 8.9 million restricted stock units.
The stock options are exercisable at a price of 10 cents and will vest upon the completion of certain project milestones. The restricted stock units are time based and performance based, based on the continued performance of targeted share prices on the Canadian Securities Exchange.
About Tantalex Lithium Resources Corp.
Tantalex is a mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-technology mineral properties in Africa. The corporation is listed on the CSE (under the symbol TTX) and the Frankfurt Stock Exchange (under the symbol 1T0).
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