By Laura Lutz
Des Moines, Aug. 3 - Tango Energy Inc. increased the maximum size of its previously announced private placement of units and flow-through shares to C$7 million from C$6 million.
The company plans to sell units at C$0.40 each, flow-through shares relating to Canadian Exploration Expenses (CEE) at C$0.46 each and flow-through shares relating to Canadian Development Expenses (CDE) at C$0.40 each.
The additional C$1 million will be raised through additional units and CDE flow-through shares. The maximum amount of CEE flow-through shares will remain at C$4.002 million.
The maximum amount of CDE flow-through shares is now C$3.4 million, up from C$2.4 million.
Each unit will consist of one non flow-through share and one half-share warrant. Each whole warrant will be exercisable for one non flow-through share at C$0.50 until Dec. 31, 2008.
Acumen Capital Finance Partners Ltd. is the agent.
The deal originally priced on Aug. 2. Settlement is expected on Aug. 21.
Proceeds will be used for exploration and development.
Tango is an oil and natural gas company based in Calgary, Alta.
| Issuer: | Tango Energy Inc.
|
| Issue: | Units of one non flow-through share and one half-share non flow-through warrant; flow-through shares relating to Canadian Exploration Expenses; flow-through shares relating to Canadian Development Expenses
|
| Amount: | C$7 million (maximum)
|
| Agent: | Acumen Capital Finance Partners Ltd.
|
| Pricing date: | Aug. 2
|
| Upsized: | Aug. 3
|
| Settlement date: | Aug. 21
|
| Stock symbol: | TSX Venture: TEI
|
| Stock price: | C$0.40 at close Aug. 2
|
|
|
| Units
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 31, 2008
|
| Warrant strike price: | C$0.50
|
|
|
| CEE flow-through shares
|
| Amount: | C$4.002 million (maximum)
|
| Price: | C$0.46
|
| Warrants: | No
|
|
|
| CDE flow-through shares
|
| Amount: | C$3.4 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | No
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
