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Tantalex Lithium Resources Announces Cease Trade Order

09.07.2024  |  The Newswire
Toronto - Tantalex Lithium Resources Corp. (CSE: TTX - FSE: DW8 - OTCQB: TTLXF) ("Tantalex" or the "Corporation"), wishes to announce that the Ontario Securities Commission (the "OSC") issued a failure-to-file cease trade order (the "FFCTO") to the Corporation on July 8, 2024.

The FFCTO is a result of the Corporation's failure to file its audited annual financial statements (the "Annual Financial Statements"), management discussion and analysis ("MD&A") and certificates of the Chief Executive Officer and Chief Financial Officer (collectively, the "Annual Documents") for the year ended February 29, 2024.

The FFCTO prohibits the trading by any person of any securities of the Corporation in each jurisdiction in Canada in which the Corporation is a reporting issuer, including trades in the Corporation's securities made through the Canadian Securities Exchange (CSE), for as long as the FFCTO remains in effect. The FFCTO provides an exception for beneficial securityholders of the Corporation who are not currently (and who were not as of July 8, 2024) insiders or control persons of the Corporation and who sell securities of the Corporation acquired before July 8, 2024 if both of the following criteria are met: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.

The Corporation is not currently subject to any insolvency proceedings.

Additional time is needed to complete the audit due to the additional complexities associated with commencing production this year and the Corporation is closely working with its auditors to file the Annual Documents. The Corporation intends to file the Annual Documents as soon as possible and will provide updates as further information becomes available.

About Tantalex Lithium Resources Corporation

Tantalex Lithium is an exploration and development stage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-tech mineral properties in Africa.

It is currently 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.

Cautionary Note Regarding Forward Looking Statements

This news release includes certain statements that may be deemed forward looking statements. All statements in this document, other than statements of historical facts, which address future production, reserve potential, exploration activities and events or developments that the Corporation expects, are forward looking statements. Such forward-looking statements include, without limitation: (i) estimates of future lithium, tin and tantalum prices, supply, demand and/or production; (ii) estimates of future cash costs and revenues; (iii) estimates of future capital expenditures; (iv) estimates regarding timing of future development, construction, production or closure activities; (v) statements regarding future exploration results; (vi) statements regarding cost structure, project economics, or competitive position; (vii) statements comparing the Corporation's properties to other mines, projects or metals; and (viii) the Corporation's ability to file the Annual Documents and the required steps in respect of the audit and the subsequent revocation of the FFCTO. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, that the Corporation expressly disclaims any responsibility for revising or expanding the forward- looking statements to reflect actual results or developments, and that actual results or developments may differ materially from those projected, in the forward-looking statements, except as required by law.

For more information, please contact:

Eric Allard

President & CEO

Email: ea@tantalex.ca

Website: https://tantalexlithium.com/

Tel: 1-581-996-3007

Copyright (c) 2024 TheNewswire - All rights reserved.


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