c.TTX as per TTX's NR earlier:
Tantalex signs term sheet with Glencore for Manono
2023-09-08 17:26 ET - News Release
Mr. Eric Allard reports
MARKETING OFFTAKE AGREEMENT FOR SPODUMENE CONCENTRATE (SC6) TO BE PRODUCED FROM THE MANONO LITHIUM TAILINGS PROJECT LOCATED IN MANONO, TANGANYIKA PROVINCE, IN THE DRC.
Tantalex Lithium Resources Corp. received and executed a term sheet from Glencore International AG on Sept. 8 for a marketing offtake agreement for the lithium to be produced from its Manono lithium tailings project.
The term sheet includes the following key commercial terms:
- Secured convertible financing facility in three tranches;
- First tranche $2-million (U.S.) upon execution of the marketing offtake agreement (MOA);
- Second tranche $3-million (U.S.) upon Glencore's satisfactory review of the PEA (preliminary economic assessment);
- Third tranche financing of one-third of the total capital expenditure required for the Manono lithium tailings project subject to conditions precedent;
- Commitment fee of 1.5 per cent flat calculated on the total initial prepayment amount, to be deducted from the prepayment on each disbursement;
- The transaction is subject to various CPs, including the execution of definitive agreements and completion of outstanding due diligence to Glencore's satisfaction.
Eric Allard, Tantalex Lithium chief executive officer, commented: "We are delighted to have the support of Glencore for the upcoming Manono lithium tailings project. Glencore already has very well-established mining operations in the DRC [Democratic Republic of the Congo] with important cobalt and copper assets. Their experience and expertise in country will be crucial for developing further our activities in the DRC. The capex financing commitment is a significant milestone in the de-risking of the project and achieving our goal to become the first lithium producer in the DRC."