Tantalex Lithium Resources (CSE:TTX, OTC:TTLXF) announced the closing of a second tranche of a non-brokered private placement for gross proceeds of US$500,000.
The funds raised will be used for the optimization of the TiTan tin and tantalum plant in the Democratic Republic of Congo and for general working capital.
The company said it issued over 19.5 million shares at US$0.035 each, issued on an exchange rate of US$1 equals C$1.3673.
Simon Collins, a director of the company, acquired all 19,532,857 shares for total consideration of C$683,650.
The company noted that it did not pay any finder’s fees on a portion of the private placement.
Tantalex Lithium is focused on 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.