10:26:02 EST Fri 02 Dec 2022
Enter Symbol
or Name

Tantalex Lithium Resources Corp
Symbol TTX
Shares Issued 448,783,147
Close 2022-07-07 C$ 0.095
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Tantalex Lithium arranges two loans, issues debenture

2022-07-08 11:52 ET - News Release

Mr. Eric Allard reports


Tantalex Lithium Resources Corp. has entered into two loan agreements effective June 30, 2022, and has issued a convertible debenture effective July 8, 2022.

Loan agreement -- AfriMet Resources AG

Tantalex has entered into a loan agreement with AfriMet Resources, a corporation incorporated under the laws of Switzerland and involved in metals and minerals commodity trading specializing in Africa-sourced products, including tin, tantalum and lithium. Pursuant to this loan agreement (loan No. 1), AfriMet made available a loan facility of $7,213,006.56 (U.S.) for the purpose of financing of mining equipment for the Lubule tin and tantalum alluvial project. Loan No. 1 shall carry interest at a rate of 10 per cent per annum that is payable on March 31, June 30, Sept. 30 and Dec. 31 of each year. Tantalex must repay loan No. 1 on the date falling 18 months from the commencement of the commercial mining and mineral processing operations at the Lubule tin and tantalum project or by Dec. 31, 2024, whichever is earlier.

Loan agreement -- Trade Cloud Services Pte. Ltd.

Tantalex has also entered into a loan agreement with Trade Cloud, incorporated under the laws of Singapore and specialized in cloud-based commodities platform for mineral and metal physical markets. Pursuant to this loan agreement (loan No. 2), Trade Cloud has agreed to make available this loan for an amount of up to $3-million (U.S.) for the purpose of completing the financing for Tantalex Lithium's Lubule plant to produce tin and tantalum concentrates. Loan No. 2 shall carry interest at a rate of 10 per cent per annum for the first 12 months and an additional annual rate of 5 per cent shall be applied to bring the interest rate to 15 per cent per annum for any days in delay in the repayment. Trade Cloud shall pay the amount of $1-million (U.S.) upon the corporation evidencing the receipt of licensing on the Lubule tin and tantalum alluvial project. An additional $1-million (U.S.) will be paid 30 days of the first drawdown and another $1-million (U.S.) as well 60 days of the first drawdown. Tantalex must repay loan No. 2 at the latest 12 months from the date of the first drawdown.

Convertible debenture -- AfriMet

Tantalex has closed a private placement of $1,231,784.08 (U.S.) principal amount of an unsecured convertible debenture with AfriMet on July 8, 2022. The convertible debenture has a one-year term and will mature on July 10, 2023. The convertible debenture bears interest at 10 per cent per annum, payable at any time prior to the maturity date in cash or common shares of the corporation, at the option of the corporation. At any time during the term, AfriMet may elect to convert the outstanding principal net amount, or any portion thereof, into common shares at a conversion price of 10 cents per share.

The convertible debenture and any common shares issuable upon conversion thereof will be subject to a statutory hold period lasting four months and one day following the closing date of the convertible debenture.

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-tech mineral properties in Africa. The corporation is listed on the Canadian Securities Exchange (symbol: TTX) and the Frankfurt Stock Exchange (symbol: 1T0).

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