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Tango Energy Inc. - $7 million private placement closed
Tango Energy Inc. - $7 million private placement closed.
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 21 /CNW/ - Tango Energy Inc. ("Tango") (TSXV - TEI) is\npleased to report it has closed its previously announced private placement\noffering ("Offering") of units and flow-through shares for total gross\nproceeds of $7,000,000. Tango issued (i) 2,640,000 units ("Units") at an issue\nprice of $0.40 per Unit ($1,056,000); (ii) 8,700,000 common shares related to\neligible Canadian Exploration Expense at a price of $0.46 per share\n($4,002,000); and (iii) 4,855,000 common shares related to eligible Canadian\nDevelopment Expense at a price of $0.40 per share ($1,942,000). Each Unit is\ncomprised of one common share and one half of one share purchase warrant, each\nwhole warrant being exercisable into one common share at a price of $0.50 per\nshare until December 31, 2008. Acumen Capital Finance Partners Limited acted\nas exclusive selling agent in connection with the Offering.\n\n\nTango's total number of common shares outstanding is 65,724,620 and the\ntotal number of warrants outstanding is 1,320,000, after giving effect to the\nOffering.\n\n\nThe proceeds of the Offering will be used to finance Tango's exploration\nand development program. All securities issued under the Offering are subject\nto a hold period expiring December 22, 2007. Tango trades on the TSX Venture\nExchange under the symbol TEI.\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":2001,"tagName":"div"}]