Tantalex Closes $2,500,000 Private Placement Financing With a Hong-Kong Based Strategic Investor
TORONTO and MUNICH, Germany, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Tantalex Resources Corp. (CSE:TTX) (FSE:1T0) (“Tantalex” or the “Corporation”), is pleased to announce that it has completed a non-brokered private placement financing (the “Offering”) for gross proceeds of $2,500,000 through the issuance of 25,000,000 units (“Units”) at $0.10 per Unit, as more fully described below, with Ruihua Investment (Hong Kong) Company Limited.
The gross proceeds from the Offering will be used by the Corporation for general working capital purposes, and more particularly for the financing of its ongoing development of the Buckell Lithium Property, located in the Manono-Kitotolo region of the DRC.
THE TRANSACTION
Each Unit consisted of one common share in the share capital of Tantalex (a “Common Share”) and one common share purchase warrant (a “Warrant”) of Tantalex. Each Warrant entitles its holder thereof to acquire one common share of Tantalex at an exercise price of $0.12 per Common Share up to the date that is thirty-six (36) months from closing.
All securities issued under the Offering are subject to a four-month statutory hold period in Canada.
About Tantalex Resources Corporation
Tantalex is a mining company engaged in the acquisition, exploration, development and distribution of Lithium, Cobalt, Tantalum and other high-tech mineral properties in Africa with a focus in the Democratic Republic of Congo. The Company is listed on the Canadian Stock Exchange (symbol: TTX) and the Frankfurt Stock Exchange (symbol: 1T0).
Cautionary Note Regarding Forward Looking Statements
The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Tantalex believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Tantalex disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
For further information, please contacts Investor Relations: ir@tantalex.ca
Or visit us at: WWW.TANTALEX.CA
Tantalex Resources Corp.
Dave Gagnon
Chief Executive Officer
+16479637476
+37254728653
dg@tantalex.ca