Deal sells 60 million units to fund working capital, debt repayment
By Devika Patel
Knoxville, Tenn., July 18 – Tango Mining Ltd. said it plans a C$3 million non-brokered private placement of units.
The company will sell 60 million units of one common share and one warrant at C$0.05 per unit.
Each two-year warrant will be exercisable at C$0.10. The strike price is a 42.86% premium to the July 15 closing share price of C$0.07.
Proceeds will be used for working capital and debt repayment.
The Vancouver, B.C., company is focused on developing rare earth element deposits.
| Issuer: | Tango Mining Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 60 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | July 18
|
| Stock symbol: | TSX Venture: TGV
|
| Stock price: | C$0.07 at close July 15
|
| Market capitalization: | C$11.51 million
|
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