Tantalex Lithium Resources (CSE:TTX, OTC:TTLXF) announced that it will raise up to US$3 million in a private placement by issuing 118,586,450 shares priced at $0.035.
The number of shares issued is subject to change based on the foreign exchange rate of US dollars to Canadian dollars to be determined on the closing date, the company said.
There will be no finders’ fees paid, it added.
The company said the proceeds of the private placement will be used for project expenditures related to the optimization of the TiTan tin and tantalum plant for general working capital.
Tantalex Lithium is focused on operating its TiTan plant and developing its lithium assets in the Manono area in the Democratic Republic of Congo: the Manono Lithium Tailings Project and the Pegmatite Corridor Exploration Program.