Tantalex Lithium closes $1.89-million private placement

Executive Summary

• Tantalex Lithium closed a non‑brokered private placement of 126,315,000 common shares at C$0.015 per share, raising gross proceeds of C$1,894,725.
• Net proceeds will be used to prepare and file outstanding financial statements, pay fees/penalties, meet certain obligations, and fund operations pending full revocation of a cease‑trade order.
• Related‑party investor Mr. Simon Collins purchased 56,140,000 shares for $842,100, increasing his ownership to ~18 % of the company on a non‑diluted basis.

Key Details

• Placement Size & Price: 126,315,000 common shares @ C$0.015 per share.
• Gross Proceeds: C$1,894,725 (approximately US$1.35 million).
• Use of Proceeds:
• Preparation and filing of outstanding financial statements and continuous disclosure records.
• Partial payment of related fees and penalties.
• Meeting certain financial obligations.
• Continuing operations until a full revocation of the FFCTO is obtained.
• Hold Period: Shares subject to a four‑month‑plus‑one‑day hold period from closing; all shares remain under the cease‑trade order until it is fully revoked.
• Related Party Transaction: Simon Collins purchased 56,140,000 shares for $842,100, bringing his total beneficial ownership to 187,344,675 shares (≈18.13 % non‑diluted, 18.19 % partially diluted).
• Ownership Before Placement: 131,204,675 shares (≈14.47 % non‑diluted).
• Exemptions Relied Upon: MI 61‑101 exemptions from formal valuation and minority shareholder approval because the transaction value is ≤25 % of market capitalization.
• Regulatory Filings: Material change report to be filed on SEDAR+; early warning report filed under NI 62‑103 available on issuer’s profile.
• No Finder Fees Paid in connection with the placement.

Notable Quotes

(None provided in the release)