This resulted in the issue of 3,284,000 common shares at a price of five cents per share, as well as 1,284,000 share purchase warrants, with each warrant entitling the holder to purchase one additional common share at a price of 10 cents per share for a term of two years.
The company has proposed to settle $266,839 in debt with respect to the payment of accrued interest on convertible debentures and a settlement of a loan balance, by the issuance of an aggregate of 5,336,780 common shares at a price of five cents per share, which issuance is subject to the approval of the TSX Venture Exchange.
The company confirmed that it has now issued two million common shares in the capital stock of the company in full and confirms the complete settlement of the indebtedness in the sum of $100,000 owed to its chairman and interim chief executive officer, Terry L. Tucker, PGeo.
In addition, the company also announced that the conversion rights of all outstanding convertible debentures have been extended to Dec. 31, 2017.
According to terms of the convertible debentures, the lenders have the option to convert the principal into units of Tango at the discretion of the lender. Each unit shall consist of one common share at a price of five cents per share and one share purchase warrant to purchase one additional common share at a price of 10 cents per share, which warrants shall be for a term of two years. The debentures bear interest at the rate of 12% per annum. Interest payable under the loans may be settled by the issuance of common shares at a price not below the trading market price at the time the interest is payable.
Story by ProactiveInvestors