signs consulting deals with CEO & PP closed
Tango Mining signs consulting deals with CEO, chairman
2017-09-08 06:26 ET - News Release
Mr. Samer Khalaf reports
TANGO MINING SECURES SERVICES OF TWO KEY EXECUTIVES
Effective July 1, 2017, Tango Mining Ltd. has secured the services of two key executives by entering into consulting agreements with each of Samer Khalaf, chief executive officer, and with Terry L. Tucker, executive chairman. Under the terms of the consulting agreements, both Mr. Khalaf and Mr. Tucker have agreed to provide their consulting services for a term of one year, renewable annually. In order to assist Tango in conserving cash, Mr. Khalaf has agreed to accept his monthly compensation by the issuance of common shares of Tango, to be issued at the closing price of Tango's stock on the date of issuance, subject to a minimum price of five cents per share. Mr. Tucker has agreed to accept 55 per cent of his monthly compensation by the issuance of common shares of Tango.
For the months of July and August, 2017, Mr. Khalaf has been issued 840,000 common shares and Mr. Tucker has been issued 462,000 common shares, which shares were issued at a deemed price of five cents per share, being the minimum price pursuant to the policies of the TSX Venture Exchange.
The company also confirms that the private placement announced on July 27, 2017, has closed and a total of 3,754,840 units were issued for aggregate proceeds of $150,000 (U.S.) ($187,742). Each unit consists of one common share and one share purchase warrant entitling the holder thereof to purchase one additional common share at a price of five cents per share, exercisable on or before Sept. 8, 2018. The common shares issued under the private placement and any shares that may be issued upon exercise of the share purchase warrants are subject to a four-month hold period expiring on Jan. 9, 2018