C$3 Million private placementI think it is a condition of Vanderbilt that the company be debt free before finalizing and approving the loan and especially to have the financial capacity to pay capital and interest until the beginning of production and futur sales diamond. I remain confident that the administrator comes to the conclusion that transaction because they put considerable effort for a year.
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 18, 2016) - Tango Mining Limited ("Tango") (TSX VENTURE:TGV) is pleased to announce the following:
C$3 Million Private Placement
Tango announces a private placement of up to 60,000,000 units at a price of $0.05 per unit. Each unit shall consist of one common share and one share purchase warrant to purchase one additional common share at a price of $0.10 per share, exercisable for a period of two years from the date of grant. The funds raised from the private placement will be used to fund ongoing working capital and to settle indebtedness. The private placement is subject to approval by the TSX Venture Exchange.
Also TGV postponed the debenture until it receives the substantial amount of money from the sale of two owned entity and that it sold.
Tango anticipates paying the notes in cash received from Bothma Diamonte CC pursuant to Tango's disposition of its 51% interest in African Star Minerals (Pty) Limited and its 100% owned Oena Mine or US$3 Million as announced on 23 March 2016. The first payment of US$1 Million is expected on or before 17 August 2016.
Bid now 203K at .075 and Ask 270K at .08 volume 211K last trade 6 trade at .08
GLTA put your share in a strong buy and wait for the big news IMHO!!!
Raypar