07:30:41 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Tangelo Games Corp
Symbol GEL
Shares Issued 180,668,880
Close 2017-12-07 C$ 0.03
Market Cap C$ 5,420,066
Recent Sedar Documents

Tangelo Games has TSX-V OK to amend 35 million warrants

2017-12-07 16:50 ET - News Release

Ms. Isabel Guerrero reports

TANGELO GAMES SATISFIES CONDITIONS TO WAIVER AND AMENDMENT TO CREDIT AGREEMENT

Tangelo Games Corp. has satisfied the outstanding conditions of the waiver and amendment agreement with its lenders to amend certain terms of its outstanding credit agreement (see press release dated Nov. 27, 2017). Tangelo previously completed a secured debt financing pursuant to an amended and restated credit agreement dated Nov. 16, 2015, which amended the terms of a prior credit agreement dated Jan. 30, 2015, as amended among the company as borrower, the subsidiaries of Tangelo as credit parties, a syndicate of lenders and the lenders' administrative agent, Third Eye Capital Corp.

The company received TSX Venture Exchange approval to amend the term of 35 million non-transferable warrants issued by the company to the lenders. These warrants will now expire on April 30, 2019, contemporaneous to the new maturity date of the facility in connection with the amendment.

The company has also entered into settlement agreements with two creditors, whereby Tangelo has agreed to issue common shares of the company at a deemed price of five cents per common share in full and final settlement of the amounts owing to such creditors. Pursuant to the settlement agreements, $181,000 in debt will be settled, and a total of 3.62 million common shares will be issued to the creditors, which would represent less than 2 per cent of the issued and outstanding common shares of Tangelo following the completion of the shares-for-debt settlement. The board and management of Tangelo believe that the proposed shares-for-debt settlement is in the best interests of the company as it conserves cash.

The shares-for-debt settlement has been conditionally approved by the TSX Venture Exchange, and the related common shares will be issued today.

About Tangelo Games Corp.

Tangelo Games, the parent company of Diwip and Akamon, formerly known as Imperus Technologies Corp., is a developer of social and mobile gaming for PC, Mac, iOS and Android platforms. Diwip and Akamon design, develop and distribute their top-ranked social casino-themed games within on-line social networks (such as Facebook) and mobile platforms (such as Android and iPhone). All of the Diwip and Akamon games are free to play and generate revenue primarily through the in-game sale of virtual coins.

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