TORONTO, ONTARIO--(Marketwired - March 18, 2015) - Tantalex Resources Corporation ("Tantalex") (CSE:TTX)(FRANKFURT:1T0), is pleased to announce that Tantalex's cease trade orders issued by the British Columbia Securities Commission, Ontario Securities Commission and Alberta Securities Commission (collectively, the "Cease Trade Orders") have been revoked.
The head office of Tantalex is located in Montreal, Quebec. Tantalex's principal regulator is the British Columbia Securities Commission (the "BCSC").
In 2014, the BCSC, Ontario Securities Commission and Alberta Securities Commission issued the Cease Trade Orders against Tantalex as a result of Tantalex not filing various periodic disclosure documents.
Tantalex received a revocation of the Cease Trade Orders in each of British Columbia and Alberta on March 17, 2015 and in Ontario on March 18, 2015. As at the date hereof, Tantalex's authorized share capital consists of an unlimited number of common shares, of which 39,828,443 common shares are issued and outstanding. Other than (i) outstanding incentive stock options exercisable for an aggregate of 2,405,198 common shares; (ii) outstanding warrants to purchase an aggregate of 9,848,963 common shares; (iii) outstanding convertible debentures convertible into an aggregate of 4,500,000 common shares; and (iv) 2,140,341 common shares pursuant to contractual arrangements, no common shares are reserved for issuance pursuant to outstanding convertible securities.
Tantalex intends to hold an annual meeting of shareholders within 90 days of the revocation of the Cease Trade Orders and will prepare a management information circular which will be mailed to shareholders and filed on SEDAR in accordance with Form 51-102F5.
Tantalex is considering various options to raise capital through both equity and debt financing in order to continue to fund its operations in Africa pursuant to an off-take agreement dated May 15, 2012.
On January 19, 2015, Tantalex removed Mr. Ndongo Armel Rodrigue Dziengue as an officer of Tantalex. He was formerly the Vice-President African Operations.
About Tantalex Resources Corporation
Tantalex is a mining exploration and development company engaged in the acquisition, exploration and development of Tantalum and Niobium properties in Africa. Tantalex is listed on the Canadian Securities Exchange (CSE:TTX) and the Frankfurt Stock Exchange (FSE:1T0).
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including the completion of a debt or equity financing to fund operations. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Tantalex believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Tantalex disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.