Tango Energy Inc.
TSX VENTURE : TEI

Tango Energy Inc.

August 01, 2007 23:59 ET

Tango Announces $6 Million Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 1, 2007) - Tango Energy Inc. (TSX VENTURE:TEI) announces that it has entered into an agreement with Acumen Capital Finance Partners Limited ("Acumen"), as agent on a "best efforts" basis, to issue and sell by way of a private placement, (i) units ("Units") at a price of $0.40 per Unit, each Unit consisting of one common share of the Company ("Common Share") and one half of a common share purchase warrant and (ii) common shares of the Company to be issued on a flow through basis ("Flow Through Shares"). Each whole warrant will entitle the holder thereof to purchase an additional common share at a price of $0.50 per share at any time prior to December 31, 2008. Of the total Flow Through Shares to be issued not more than 8,700,000 will be related to eligible Canadian Exploration Expense ("CEE Flow Through Shares") each such share to be issued at a price of $0.46 per share for gross proceeds of up to $4,002,000, and up to 6,000,000 shares will be related to eligible Canadian Development Expense ("CDE Flow Through Shares") each such share to be issued at a price of $0.40 per share for gross proceeds of $2,400,000. Total aggregate gross proceeds of the Units and Flow Through Shares are not to exceed $6,000,000.

The Units and Flow Through Shares will be offered in the provinces of Alberta, British Columbia, Saskatachewan, and Ontario. The private placement financing is scheduled to close on or about August 21, 2007, and is subject to regulatory approval and completion of definitive documentation.

The proceeds of the offering will be used to finance Tango's exploration and development program.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this regard may constitute forward looking statements. Such Forward looking statements include risks, uncertainties, and other factors which may cause actual results, performance or achievements of Tango to be materially different from any future results, performance, or achievements expressed or implied by such forward looking statements. Tango does not undertake to update any of such forward looking statements.

Contact Information

  • Tango Energy Inc.
    John M. Gunn
    President and CEO
    Phone: (403) 266-5688

    or

    Tango Energy Inc.
    David E. Blain
    VP Finance and CFO
    Phone: (403) 266-5688
    Fax: (403) 266-8817