VANCOUVER, British Columbia, July 07, 2017 (GLOBE NEWSWIRE) -- Tango Mining Limited (“Tango” or the “Company”) (TSXV:TGV) announces that, pursuant its news release dated 17 June 2015, it has reached a settlement with ATC Enterprises DMCC (“ATC”) to settle accrued interest, balance due on last tender and the outstanding amount owing for the Oena offtake right for debt totaling C$342,895 by the issuance of 6,857,900 common shares at a price of $0.05 per share. This settlement with ATC effectively terminates the diamond offtake right with ATC with regard to the Company’s Oena property, thereby eliminating the 10% fee that was payable on the first 2,000 carats of diamond sales.
The Company also announces that ATC has converted US$50,000 (C$65,000) of its remaining unsecured convertible note into common shares at a price of $0.05 per share, for a total of 1,300,000 common shares. ATC has also agreed to extend the term of conversion of their remaining US$200,000 unsecured convertible note to December 31, 2017.
The settlement arrangement with ATC is subject to the approval of the TSX Venture Exchange.