Business
Tango announces $6 million private placement
Tango announces $6 million private placement.
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 1 /CNW/ - Tango Energy Inc. announces that it has entered\ninto an agreement with Acumen Capital Finance Partners Limited ("Acumen"), as\nagent on a "best efforts" basis, to issue and sell by way of a private\nplacement, (i) units ("Units") at a price of $0.40 per Unit, each Unit\nconsisting of one common share of the Company ("Common Share") and one half of\na common share purchase warrant and (ii) common shares of the Company to be\nissued on a flow through basis ("Flow Through Shares"). Each whole warrant\nwill entitle the holder thereof to purchase an additional common share at a\nprice of $0.50 per share at any time prior to December 31, 2008. Of the total\nFlow Through Shares to be issued not more than 8,700,000 will be related to\neligible Canadian Exploration Expense ("CEE Flow Through Shares") each such\nshare to be issued at a price of $0.46 per share for gross proceeds of up to\n$4,002,000, and up to 6,000,000 shares will be related to eligible Canadian\nDevelopment Expense ("CDE Flow Through Shares") each such share to be issued\nat a price of $0.40 per share for gross proceeds of $2,400,000. Total\naggregate gross proceeds of the Units and Flow Through Shares are not to\nexceed $6,000,000.\n\n\nThe Units and Flow Through Shares will be offered in the provinces of\nAlberta, British Columbia, Saskatachewan, and Ontario. The private placement\nfinancing is scheduled to close on or about August 21, 2007, and is subject to\nregulatory approval and completion of definitive documentation.\n\n\nThe proceeds of the offering will be used to finance Tango's exploration\nand development program.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release. Statements in\nthis regard may constitute forward looking statements. Such Forward looking\nstatements include risks, uncertainties, and other factors which may cause\nactual results, performance or achievements of Tango to be materially\ndifferent from any future results, performance, or achievements expressed or\nimplied by such forward looking statements. Tango does not undertake to update\nany of such forward looking statements.\n\n\n%SEDAR: 00017586E\n\n\n","length":2342,"tagName":"div"}]