Business
Tango Acquires Additional 23% Interest in Kwena Group
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 14, 2016) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) is pleased to announce that that
About this update from Southstone Minerals Limited
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 14, 2016) - Tango Mining Limited (\"Tango\" or the \"Company\") (TSX VENTURE:TGV) is pleased to announce that that it has entered into a non arms-length acquisition agreement to acquire an additional 23% interest in the issued and outstanding shares of three private South African companies (together referred to as the \"Kwena Group\") in which Tango currently owns a 51% interest (see News Release dated 20 October 2014), increasing Tango's total interest to 74%. Tango has agreed to issue 14,200,000 shares at a deemed price of $0.05 (\"Payment Shares\") to acquire the 23% interest in the Kwena Group. The 14,200,000 shares will be distributed to four individuals. Kevin Gallagher, a director of Tango, will receive 1,300,000 shares of the 14,200,000 common shares, which will increase his total shareholdings in Tango to 15,210,000 common shares, representing 9.72% of the total issued and outstanding shares upon completion of the acquisition. Each of the three Kwena Group companies qualify as being \"BEE Compliant\", namely, that they are in compliance with South Africa's Black Economic Empowerment (\"BEE\") regimes and the BEE partner holds the remaining 26% interest in each of the three Kwena Group companies. Tango and the Kwena Group have agreed: (i) to restrict the number of Payment Shares tradable on any given day; and (ii) to impose a twenty-four-month escrow period, whereby ten percent of the Payment Shares shall be free trading (subject to a regulatory four month hold period) at closing, and subsequently thereafter, thirty percent shall be released at each six-month interval over 18 months. The Kwena Group transaction is subject to receipt of the approval of the TSX Venture Exchange. About the Kwena Group The Kwena Group holds three \"Operation and Maintenance of Coal Processing Plant Contracts\" in respect of three mutually exclusive coal operating and production collieries located within the Ogies and Highveld coalfields, Mpumalanga Province and a \"Service and Supply Agreement\" in respect of a colliery located in the Kliprivier coalfield, KwaZulu-Natal Province, South Africa. (collective the four agreements are the \"Operations Service Contracts\"). Kwena Group revenue for the twelve-month period ending the 31 August 2015 was $13,827,983 and revenue for the six-month period e...