VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 25, 2015) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) announces that, subject to TSX Venture Exchange approval, it has closed a private placement of 4,000,000 units at $0.05 per Unit. Each Unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable into one common share of the Company at an exercise price of $0.10 per share, exercisable for a period of 24 months from the date of issuance.
The funds raised are for general working capital and corporate purposes.
Terry Tucker and Ian Mann, both directors of the Company subscribed for all of the 4,000,000 units of the placement and, upon completion of the placement, Mr. Tucker holds 2,275,000 common shares, representing 1.48% of the Company's issued and outstanding shares, and Mr. Mann holds 4,900,425 common shares, representing 3.19% of the Company's issued and outstanding shares. The price of the units was determined in accordance with the policies of the TSX Venture Exchange. The acquisition of units by insiders under the private placement was exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 pursuant to sections 5.5(a) and 5.7(a) of that instrument.
About Tango Mining Limited
Tango Mining Limited is a Canadian company that recently acquired African Star Minerals Group's ("ASM") operations in South Africa. Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 million tonnes per annum (19.5 million tonnes are contracted over next 3 years), with clientele that include Total (SA) and Glencore plc. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province. The Company also holds a 100% interest in the Oena Project, a past producing alluvial diamond property, Northern Cape Province, South Africa and a 100% interest in the 2,088.8 ha El Santo Project, Nicaragua. El Santo is believed to host several east-west trending, low sulphidation, epithermal gold-quartz vein systems. The Company`s vision is to become a diversified junior mining company with interests in precious and base metals, coal, diamond and precious stone mining projects
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The presence of gold deposits mentioned nearby the Company's property is not indicative of the gold mineralization on the Company's property. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Executive Chairman of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.