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Tango Mining in shares-for-debt settlements

The group said it had reached a settlement with creditors and will issue 750,000 shares at five cents each.
Tango Mining in shares-for-debt settlements
Tango is a diversified junior mining firm

Junior resource group Tango Mining Ltd (CVE:TGV) says it will issues shares to pay off debt worth  $37,500.

It told  investors it had reached a settlement with creditors and will issue 750,000 shares at five cents each.

These shares-for-debt settlements are subject to the approval of the TSX Venture Exchange, it added.

Tango, via South African subsidiaries, holds three thermal coal, metallurgical, processing plant and engineering contracts that process 6.5 million tonnes of coal a year

It also holds an interest in the Oena diamond mine, an alluvial diamond property in  South Africa, from where 312 carats from 199 diamonds were produced from March 21 to  April 17 this year.

Of this, 250 carats were placed on tender in Johannesburg and sold with an average price of US$1,155 per carat.

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