Toronto, Ontario, March 21, 2025 – TheNewswire - Tantalex Lithium Resources Corp. (CSE: TTX – FSE: DW8 – OTCQB: TTLXF) (“Tantalex” or the “Corporation”) is pleased to announce a non-brokered private placement consisting of approximately 86,000,000 common shares (the “Common Shares”) at a price of CDN$0.025 per Common Share for gross proceeds of up to USD$1,500,000 (the “Private Placement”).

 

The number of Common Shares to be issued is subject to change depending on the foreign exchange rate of the US currency to Canadian currency to be determined on the closing date. There will be no finders’ fees paid on the Private Placement.

 

Certain insiders of the Corporation, including Mr. Simon Collins, director, and Afrimet Resources Ag 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 (“MI 61-101”). However, the Corporation expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Common Shares subscribed for by the insiders, nor the consideration for the Common Shares paid by such insiders, would exceed 25% of the Corporation’s market capitalization.

 

The proceeds of the Private Placement will be used for project expenditures related to the optimization of the TiTan tin and tantalum plant and for general working capital. 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.

 

The Common Shares being referred to in this news release have not been, nor will they be, registered under the United States (U.S.) Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

Management Changes

 

The Corporation also wishes to announce that it has mutually agreed with Mr. Eric Allard to terminate his role as CEO, President and Director of the Corporation, effective March 20, 2025. Mr. Allard will continue to support and assist in the development of the Corporation, as required during the transition period.

 

Mr. Richard Creitzman, currently Director of the Corporation will assume the role of interim CEO, effective March 20, 2025.

 

Mr. Hadley Natus will now assume the role of non-executive Chairman, effective March 20, 2025.

 

Mr. Yves Kabongo has resigned as Director of the Corporation, effective March 20, 2025.

 

The Corporation is also pleased to announce that Mr. André Holtzhausen will join the Board of Directors effective March 20, 2025 and also assumes the responsibility of Projects Director for overseeing the production, maintenance and optimization efforts on its TiTan tin and tantalum concentrate plant. Mr. Holtzhausen is currently the founder and director of MinMet Projects based in South Africa which focuses on the design, manufacturing and supply of mineral processing plants since 2005.  Mr Holtzhauzen has designed and built numerous DMS (Dense Media Separation) plants for lithium processing and is largely recognized as an industry expert.

 

The Board of Directors is now temporarily comprised of 5 members:

 

• Mr. Hadley Natus, Non-Executive Chairman 

• Mr. Richard Creitzman, Director and interim CEO 

• Dr. Luisa Moreno, Director 

• Mr. Simon Collins, Director 

• Mr. André Holtzhausen, Director  

 

The Board is currently evaluating alternatives with respect to the appointment of directors to fill the vacancy and identify and appoint a permanent CEO.

 

About Tantalex Lithium Resources Corporation

 

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 operating its TiTan tin and tantalum concentrate plant and developing its lithium assets in the prolific Manono area in the Democratic Republic of Congo; The Manono Lithium Tailings Project and the Pegmatite Corridor Exploration Program.

 

Cautionary Note Regarding Forward Looking Statements

This presentation includes certain statements that may be deemed forward looking statements. All statements in this document, other than statements of historical facts, which address future production, reserve potential, exploration activities and events or developments that the Company expects, are forward looking statements. Such forward-looking statements include, without limitation: (i) estimates of future lithium, tin and tantalum prices, supply, demand and/or production; (ii) estimates of future cash costs and revenues; (iii) estimates of future capital expenditures; (iv) estimates regarding timing of future development, construction, production or closure activities; (v) statements regarding future exploration results; (vi) statements regarding cost structure, project economics, or competitive position, (vii) statements comparing the Company’s properties to other mines, projects or metals; (viii) the ability to identify a permanent Chief Executive Officer and future directors; and (iv) the completion of the Private Placement. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward- looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, that the Company expressly disclaims any responsibility for revising or expanding the forward- looking statements to reflect actual results or developments, and that actual results or developments may differ materially from those projected, in the forward-looking statements, except as required by law.

 

Neither the Canadian Securities Exchange nor its regulations services provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

 

For more information, please contact:

Richard Creitzman

Interim President & CEO

Email: rc@tantalex.ca

Phone: +41 79 968 5825

Website: www.tantalexlithium.com