VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 4, 2017) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to announce it has now received TSX.V approval of a private placement for $225,000, consisting of 4,500,000 units at a price of $0.05 per share. 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 $0.07 per share for a term of one year from the date of issuance. The shares forming part of the units and any shares issuable upon conversion of the warrants are subject to a four month hold period expiring on 5 August 2017.
In connection with the private placement, the Company agreed to pay a finder's fee of $13,500 and issue 270,000 finder's warrants exercisable for a term of one year from the date of issuance at a price of $0.07 per share.
The Company expects to close the second tranche of the private placement for $50,000, consisting of 1,000,000 units at a price of $0.05 per unit, with each unit consisting of one common share and one share purchase warrant to purchase one additional common share at a price of $0.07 per share, exercisable for a term of one year from the date of issuance.
About Tango Mining Limited
Tango has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The Company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa.
