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Tango receives $410,182 in loans, arranges placement

Last updated: 15:41 19 Jul 2016 EDT, First published: 10:41 19 Jul 2016 EDT

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Tango carries truck load of corporate news

Tango Mining Ltd (CVE:TGV) said on Tuesday it received loans totalling $410,182.50, to which the lenders have the option to convert the principal into units of Tango at the discretion of the lenders.

Each unit shall consist of one common share at a price of five cents per share and one share purchase warrant to purchase one additional common share at a price of 10 cents per share, which warrants shall be for a term of two years. The loans bear interest at the rate of 12 per cent per annum and are due on dates ranging from Oct. 30, 2016, to Dec. 31, 2016.

Interest payable under the loans may be settled by the issuance of common shares at a price not below the trading market price at the time the interest is payable. In connection with the loans, Tango has agreed to issue a maximum of 1,640,730 bonus shares at a deemed price of five cents per share and/or a maximum of 8,203,650 share purchase warrants for a term of two years at an exercise price of five cents per share. The convertible notes and bonus shares and/or warrants are subject to the approval of the TSX Venture Exchange.

Further to Tango’s announcement last month of an unsecured 10-per-cent convertible note for $500,000 (U.S.) and $525,000 in secured 12-per-cent convertible notes, all of which notes are convertible into common shares in the capital stock of Tango at a price of five cents per share, the noteholders have agreed to extend the term of the convertible notes from June 22, 2016, to Aug. 22, 2016.

Tango said it anticipates paying the notes in cash received from Bothma Diamonte CC pursuant to Tango's disposition of its 51-per-cent interest in African Star Minerals (Pty.) Ltd. and its 100-per-cent-owned Oena mine for $3-million (U.S.) as announced on March 23, 2016. The first payment of $1-million (U.S.) is expected on or before Aug. 17, 2016.

Tango has also extended the expiry date on four million share purchase warrants from March 2, 2017, to March 2, 2020, subject to approval of the TSX Venture Exchange. The warrants are exercisable at a price of 10 cents per share. Terry Tucker, a director and officer of Tango, holds 1.5 million of the share purchase warrants.

Tango also announced a private placement of up to 60 million units at a price of five cents 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 10 cents 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 finance continuing working capital and to settle indebtedness. The private placement is subject to approval by the TSX Venture Exchange.

Tango granted to certain officers and consultants stock options to purchase up to an aggregate of 1.65 million common shares, which options are exercisable for a term of five years at an exercise price of five cents per share.

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