Eric Allard reports
TANTALEX LITHIUM ANNOUNCES USD$2,000,000 LOAN AGREEMENT
Tantalex Lithium Resources Corp. has entered into a loan agreement with
a director of the corporation, whereby it will receive an amount of $2-million (U.S.).
The corporation will receive the loan in two tranches: $500,000 (U.S.) due by April 24, 2023, and the balance of $1.5-million due by May 1, 2023. The loan is unsecured, bears an interest fee of 10 per cent and is due 45 days from the date of the execution of the loan agreement. The proceeds from the loan will be used for general working capital and progressing on the completion of the Titan plant construction and advancing the Manono tailings preliminary economic assessment and feasibility study.
The loan agreement is a related party transaction, as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. However, such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value nor the consideration for the loan would exceed 25 per cent of the corporation's market capitalization. The corporation did not file a material change report in respect of the related party transaction at least 21 days prior to the closing of the loan, which the corporation deems reasonable in the circumstances in order to close the loan transaction in an expeditious manner.
The loan has been provided on reasonable commercial terms that are not less advantageous to the corporation than if it were obtained from an arm's-length party.
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-technology 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.
We seek Safe Harbor.
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