Mr. Eric Allard reports

TANTALEX LITHIUM RESOURCES ANNOUNCES PRIVATE PLACEMENT AND CONVERSION OF DEBT INTO SHARES

Tantalex Lithium Resources Corp. has arranged a non-brokered private placement consisting of approximately 15,542,264 common shares at a price of 11 cents per common share for gross proceeds of up to $1.3-million (U.S.).

The number of common shares to be issued is subject to change depending on the foreign exchange rate of the U.S. currency to Canadian currency to be determined on the closing date. Such closing date is scheduled to occur on or about July 7, 2023, or any other date the corporation determines. The corporation may pay finders' fees on a portion of the private placement, subject to compliance with the policies of the Canadian Securities Exchange and applicable securities legislation.

Certain insiders of the corporation may acquire common shares in the private placement. Any participation by insiders in the private placement would constitute a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). However, the corporation expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units subscribed for by the insiders, nor the consideration for the units paid by such insiders would exceed 25 per cent of the corporation's market capitalization.

The proceeds of the private placement will be used for general working capital purposes. All securities issued pursuant to the private placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

Conversion of debt into common shares

On April 24, 2023, the corporation announced the execution of a loan agreement with a director of the corporation whereby the corporation received $2-million (U.S.). The corporation received the loan in two tranches: $500,000 (U.S.) due by April 24, 2023, and the balance of $1.5-million (U.S.) 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 corporation and the director agreed to convert the amount of $2-million (U.S.) and the 10-per-cent interest fee of $200,000 (U.S.) into 26,922,546 common shares of the corporation at an issue price of 11 cents per common share.

Conversion of stock options

A director and a consultant have exercised 4,333,333 stock options into common shares of the corporation. A total of 3,333,333 common shares were exercised at a price of three cents per common share, 800,000 common shares were exercised at a price of one cent per common share and 200,000 common shares were exercised at a price of seven cents per common share.

About Tantalex Lithium Resources Corp.

Tantalex 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.