Vancouver (pcJ News Briefs) – Tango Mining Limited (TSX-V: TGV) has closed a private placement with a strategic investor of 4,500,000 units at a price of $0.05 per unit for gross proceeds of $225,000.
Each unit consists of one common share and one share purchase warrant entitling the holder thereof to purchase one additional common share at a price of $0.07 per share for a term of one year from the date of issuance.
Tango Mining expects to close the second tranche of the private placement for $50,000, consisting of 1,000,000 units at a price of $0.05 per unit.
Tango Mining Limited has four thermal coal, metallurgical and processing plant and engineering contracts that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore. The four projects are located within the Ogies and Highveld coalfields, Mpumalanga Province and Kliprivier coalfield, KwaZulu-Natal Province, South Africa. The company also holds an interest in the Oena Project, a producing alluvial diamond property, Northern Cape Province, South Africa.
photo credit: Tango Mining