Tantalex Lithium Resources (CSE:TTX, OTC:TTLXF) announced that it has settled debt amounting to US$1,084,915 with AfriMet Resources through the issuance of shares to preserve cash for general working capital purposes.
The company said that AfriMet on June 30, 2022, loaned the company US$7,213,006.56 bearing an interest rate of 10% per annum.
It repaid the accrued interest as of December 31, 2023, of US$1,084,915 by issuing 29,292,711 shares of the company at $0.05 each.
AfriMet now owns 172,607,988 shares of the company, representing a 23.05% stake.
Additionally, Tantalex Lithium announced the appointment of Richard Creitzman to its board of directors, effective immediately.
Creitzman brings more than two decades of experience leading successful ventures in a range of sectors including oil and gas, finance and media, the company said.
His areas of specialization include cross-border mergers and acquisitions, corporate development, and strategic negotiations.
“We are pleased to announce that Richard has joined our board of directors. Richard brings to the corporation a wealth of expertise that will drive our business forward,” CEO Eric Allard said.
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.