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Tantalex Lithium Announces Start of Commissioning on its TiTan Tin and Tantalum Plant
Toronto, Ontario - TheNewswire - August 9 , 2023 – Tantalex Lithium Resources Corp. (CSE:TTX ) – ( OTC:TTLXF) (“ Tantalex ” or the “ Corporation ”), is pleased to announce its majority owned subsidiary United Cominiere SAS has started commissioning on its TiTan plant located in the vicinity of Manono, Democratic Republic of Congo (the “ TiTan plant ”).
The TiTan plant which has been designed with a capacity of 130 tonnes per hour is now entirely assembled and ready to process its first ore. The commissioning period will last up to 3 weeks and the first ore is expected for export in September.
CORPORATE UPDATE
Bridge Loan Agreement
The Corporation has entered into a bridge loan agreement with a private investor at arm’s length (the “ Bridge Loan Agreement ”) whereby it received a loan of USD$500,000 (the “ Loan ”). The Loan is unsecured, bears an interest fee of 10% and is due sixty (60) days from the date of the execution of the Bridge Loan Agreement. The proceeds from the Loan will be used for general working capital and progressing on the completion of the TiTan plant construction and advancing the Manono tailings preliminary economic assessment and feasibility study.
Amendment to the AfriMet Grid Promissory Notes
The Corporation has amended two grid promissory notes of a principal amount of USD$1,000,000 each issued in favour of AfriMet Resources AG (“ AfriMet ”). The first grid promissory note (“ Grid Promissory Note 1 ”) was issued on March 30, 2022 and the second grid promissory note (" Grid Promissory Note 2 ") was issued on July 20, 2022. Both grid promissory notes were amended in order to extend the maturity date by one year to March 30, 2024 for Grid Promissory Note 1 and to July 20, 2024 for Grid Promissory Note 2. Also, the interest rate was increased to 12.5% per annum calculated and compounded monthly. Such interest rate accrues starting August 1, 2023.
Amendment to Loan Agreement with Trade Cloud
The Corporation has amended a loan agreement (the “ Loan Agreement ”) entered with Trade Cloud Services PTE Ltd. (“ Trade Cloud ”) of a principal amount of USD$3,000,000 (the “ Loan ”). The Loan has been amended in order to extend the maturity date to January 31, 2024 as the early repayment date and March 31, 2024 as the late repayment date. A service fee of 4% will be added on the principal which is online with the gross fee provided by the Board Lubumbashi sales price which will be based on the first one thousand eight hundred (1,800) dry metric tonnes of tin concentrates produced by the Lubule project, an increase of six hundred (600) dry metric tonnes from the original Loan Agreement.
Tantalex Lithium Announces Start of Commissioning on its TiTan Tin and Tantalum Plant
Toronto, Ontario - TheNewswire - August 9 , 2023 – Tantalex Lithium Resources Corp. (CSE:TTX ) – ( OTC:TTLXF) (“ Tantalex ” or the “ Corporation ”), is pleased to announce its majority owned subsidiary United Cominiere SAS has started commissioning on its TiTan plant located in the vicinity of Manono, Democratic Republic of Congo (the “ TiTan plant ”).
The TiTan plant which has been designed with a capacity of 130 tonnes per hour is now entirely assembled and ready to process its first ore. The commissioning period will last up to 3 weeks and the first ore is expected for export in September.
CORPORATE UPDATE
Bridge Loan Agreement
The Corporation has entered into a bridge loan agreement with a private investor at arm’s length (the “ Bridge Loan Agreement ”) whereby it received a loan of USD$500,000 (the “ Loan ”). The Loan is unsecured, bears an interest fee of 10% and is due sixty (60) days from the date of the execution of the Bridge Loan Agreement. The proceeds from the Loan will be used for general working capital and progressing on the completion of the TiTan plant construction and advancing the Manono tailings preliminary economic assessment and feasibility study.
Amendment to the AfriMet Grid Promissory Notes
The Corporation has amended two grid promissory notes of a principal amount of USD$1,000,000 each issued in favour of AfriMet Resources AG (“ AfriMet ”). The first grid promissory note (“ Grid Promissory Note 1 ”) was issued on March 30, 2022 and the second grid promissory note (" Grid Promissory Note 2 ") was issued on July 20, 2022. Both grid promissory notes were amended in order to extend the maturity date by one year to March 30, 2024 for Grid Promissory Note 1 and to July 20, 2024 for Grid Promissory Note 2. Also, the interest rate was increased to 12.5% per annum calculated and compounded monthly. Such interest rate accrues starting August 1, 2023.
Amendment to Loan Agreement with Trade Cloud
The Corporation has amended a loan agreement (the “ Loan Agreement ”) entered with Trade Cloud Services PTE Ltd. (“ Trade Cloud ”) of a principal amount of USD$3,000,000 (the “ Loan ”). The Loan has been amended in order to extend the maturity date to January 31, 2024 as the early repayment date and March 31, 2024 as the late repayment date. A service fee of 4% will be added on the principal which is online with the gross fee provided by the Board Lubumbashi sales price which will be based on the first one thousand eight hundred (1,800) dry metric tonnes of tin concentrates produced by the Lubule project, an increase of six hundred (600) dry metric tonnes from the original Loan Agreement.