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Tango Mining Has Entered Into Proposed USD$30M Loan Commitment
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 24, 2016) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) announces it has entered into a
About this update from Southstone Minerals Limited
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 24, 2016) - Tango Mining Limited (\"Tango\" or the \"Company\") (TSX VENTURE:TGV) announces it has entered into a proposed USD$30M loan commitment with Vanderbilt Commercial Lending, Inc. (\"Vanderbilt\") for the acquisition and capital required for the restart of the previously operating BK11 Kimberlite Diamond Mine (\"BK11 Mine\"), Republic of Botswana (the \"Loan\"). Vanderbilt has issued its Loan Disclosure Agreement to Tango which outlines the general parameters for a USD$30M Loan that will be documented in a final Loan Commitment Agreement. The outstanding principal, plus accrued and unpaid interest are due at the end of the five-year term of the Loan which includes an 18-month pre-paid interest Reserve Fund. The fixed interest rate on the Loan will be the greater of 13% per annum or 975 basis points above the WSJ Prime Rate during the term of the Loan. The Loan will have a first lien position on the BK11 Mine and Tango's 51% interest in the Kwena Group. About Vanderbilt Commercial Lending, Inc. Vanderbilt is a privately held corporation founded in 1998 in Montana and headquartered in Sacramento, California. Vanderbilt has a diverse investor base, including high net-worth individuals, family offices, financial institutions, insurance companies, pension funds, public funds, trusts, and endorsements, both in the United States and abroad. Vanderbilt has been licensed as a California Finance Lender since 2000 (License Number: 6071611). BK11 Mine and Acquisition Agreement Terms The BK11 Mine is a diamond bearing, champagne glass shaped kimberlite pipe with a surface area of 8.7 hectares. The pipe itself is located in the Orapa/Letlhakane kimberlite district, which is one of the world's most prolific diamond producing areas. Production from the seven years of open pit mining is forecast to yield approximately 569,610 recovered carats with the aggregate life of mine gross revenues from the BK11 Mine being US$188M and an expected post-tax discounted NPV of US$40M and IRR of 43% (8% discount rate). (see news release dated 13 October 2015). A National Instrument 43-101 Preliminary Economic Assessment for the BK11 Mine was filed on SEDAR by Tango in October 2015. Tango has entered into a Sale of Shares and Claims Agreement with Firestone (the \"Firestone Agreement\") whereby the Compa...