Tango Energy Inc.
TSX VENTURE : TEI

Tango Energy Inc.

August 21, 2007 23:59 ET

Tango Energy Inc. -$7 Million Private Placement Closed

CALGARY, ALBERTA--(Marketwire - Aug. 21, 2007) - Tango Energy Inc. ("Tango") (TSX VENTURE:TEI) is pleased to report it has closed its previously announced private placement offering ("Offering") of units and flow-through shares for total gross proceeds of $7,000,000. Tango issued (i) 2,640,000 units ("Units") at an issue price of $0.40 per Unit ($1,056,000); (ii) 8,700,000 common shares related to eligible Canadian Exploration Expense at a price of $0.46 per share ($4,002,000); and (iii) 4,855,000 common shares related to eligible Canadian Development Expense at a price of $0.40 per share ($1,942,000). Each Unit is comprised of one common share and one half of one share purchase warrant, each whole warrant being exercisable into one common share at a price of $0.50 per share until December 31, 2008. Acumen Capital Finance Partners Limited acted as exclusive selling agent in connection with the Offering.

Tango's total number of common shares outstanding is 65,724,620 and the total number of warrants outstanding is 1,320,000, after giving effect to the Offering.

The proceeds of the Offering will be used to finance Tango's exploration and development program. All securities issued under the Offering are subject to a hold period expiring December 22, 2007. Tango trades on the TSX Venture Exchange under the symbol TEI.

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
    (403) 266-5688

    OR

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