Tantalex Lithium Resources (CSE:TTX, OTC:TTLXF) has announced the successful closing of the second tranche of its private placement, raising US$250,000 (C$341,425).
It issued an aggregate of 13,086,088 shares at $0.035 per share. The shares were issued on an exchange rate of US$1 for C$1.3481.
Additionally, the company settled a debt of US$86,483 (C$116,588) with director Simon Collins through the issuance of 13,086,088 common shares.
The funds raised will be used for the optimization of its TiTan tin and tantalum plant in the Democratic Republic of the Congo and general working capital.
Optimization work at Titan is underway and progressing well, the company said.
The installation of a new scrubber has been completed, and commissioning is now underway. The scrubber is operating efficiently, with excellent recovery rates through the wet plant circuit, it noted.
Full throughput is expected once pumps and PVC pipes are installed to boost water flow, with the necessary equipment already on route to the site.
The TiTan plant remains in the commissioning phase, with a gradual ramp-up planned over the coming months to reach the target throughput of 130 tons per hour.