06:01:10 EST Sat 09 Dec 2023
Enter Symbol
or Name

Tantalex Lithium Resources Corp
Symbol TTX
Shares Issued 522,785,256
Close 2023-01-23 C$ 0.10
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Tantalex Lithium obtains $3M (U.S.) revolving facility

2023-01-24 15:16 ET - News Release

Mr. Eric Allard reports


Tantalex Lithium Resources Corp. obtained a revolving finance facility of $3-million (U.S.) on Jan. 13, 2023, for its TiTan tin and tantalum concentrate plant scheduled to begin production in April, 2023.

The first $1-million (U.S.) payment is due on Jan. 23, 2023. The remaining funds will be made available for a drawdown as of Feb. 8, 2023. The facility shall be repaid in installments of $125,000 (U.S.), per month plus the interest payable at a rate of 10 per cent per annum.

The facility entitles its holder AfriMet Resources Ag to purchase up to 2,400 metric tonnes of tin concentrate over a period of 24 months at a rate of approximately 100 dmt per month.

Construction works have now resumed and transportation of the plant modules from Manono, Democratic Republic of the Congo, to the plant location are continuing.

Eric Allard, chief executive officer, commented: "With tin metal prices now recovering from the 2022 lows and reaching almost $30,000 (U.S.) per tonne, the timing to start production of our tin and tantalum concentrates could not be better. Our team is working very hard through the rainy season to reach the April commissioning target date."

Corporate developments

The corporation's joint venture subsidiary, United Cominiere SAS, holder of concessions 12447 and 12448 where the TiTan plant is located, has completed the mandatory transfer of 10 per cent of its share capital to the Congolese government upon transformation of a research permit to a mining permit. Following this transfer, the corporation's subsidiary, Sandstone Worldwide Ltd., will own 63 per cent of United Cominiere SAS whilst Cominiere SA will own 27 per cent and the Congolese government will own 10 per cent.

About Tantalex Lithium Resources Corp.

Tantalex Lithium is an exploration- and development-stage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-tech mineral properties in Africa.

It is currently focused on developing its lithium assets in the prolific Manono area in the Democratic Republic of the Congo; the Manono lithium tailings project and the pegmatite corridor exploration program.

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