Toronto, Ontario, April 29th, 2024 – Tantalex Lithium Resources Corp. (CSE: TTX – FSE: DW8 – OTCQB: TTLXF) (“Tantalex” or the “Corporation”) is thrilled to unveil a non-brokered private placement initiative, representing a significant milestone for the company’s growth trajectory.
The private placement comprises approximately 117,090,857 common shares (the “Common Shares”) at a favorable price of $0.035 per Common Share, aiming to generate gross proceeds of up to USD$3,000,000 (the “Private Placement”).
The primary allocation of the proceeds from the Private Placement will be directed towards critical project expenditures geared towards optimizing the TiTan tin and tantalum plant.
Additionally, a portion of the funds will be allocated for general working capital, ensuring the corporation’s operational agility and sustainability.
It’s worth noting that all securities issued under the Private Placement will adhere to a four-month-and-one-day statutory hold period in compliance with pertinent securities regulations.
In tandem with this strategic financial initiative, Tantalex is pleased to announce the appointment of Mr. Jan-Erik Back as a Senior Advisor, effective April 25th, 2024.
Mr. Back, representing Galiant Partners LLP, a renowned independent executive consulting firm specializing in supporting the development of high-potential mining companies, brings over 25 years of extensive experience in the global metals, mining, and related sectors, with a profound focus on Africa.
Mr. Back’s illustrious career includes significant roles such as Head of Project and Structured Finance at Stifel, a distinguished global investment banking firm, and Chief Investment Officer at Eurasian Resources Group, a leading privately held mining and infrastructure conglomerate with substantial assets in the Democratic Republic of Congo.
His expertise is further underscored by senior executive positions at BTG Pactual Commodites and Hatch, coupled with invaluable insights gained from serving as a Non-Executive Director for various mining companies listed on the TSX and ASX.
Eric Allard, CEO of Tantalex Lithium Resources Corp., expressed his enthusiasm regarding Mr. Back’s appointment, highlighting the invaluable depth of knowledge and hands-on experience he brings to the team, particularly in the context of the Democratic Republic of Congo, where the corporation’s assets are situated.
Allard emphasized the pivotal role Mr. Back is poised to play in advancing Tantalex’s strategic objectives and operational excellence.
The announcement of the Private Placement and the appointment of Mr. Jan-Erik Back as Senior Advisor signal Tantalex’s unwavering commitment to fortifying its position as a leading player in the mining sector, poised for sustainable growth and value creation in the dynamic global marketplace.
