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.