TORONTO, ONTARIO–(Marketwired – Dec. 7, 2017) – Tangelo Amateur Corp. (“Tangelo” or the “Company”) (TSX VENTURE:GEL), a arch developer and abettor of amusing bank games, announces that the Aggregation has annoyed the outstanding altitude of the abandonment and alteration acceding (the “Amendment”) with its lenders to alter assertive acceding of its outstanding acclaim acceding (see columnist absolution anachronous November 27, 2017). Tangelo ahead completed a anchored debt costs pursuant to an adapted and restated acclaim acceding anachronous November 16, 2015, which adapted the acceding of a above-mentioned acclaim acceding anachronous January 30, 2015, as adapted amid the Company, as borrower, the subsidiaries of Tangelo, as acclaim parties, a syndicate of lenders (the “Lenders”), and the Lenders’ authoritative agent, Third Eye Capital Corporation (the “Facility”).
The Aggregation accustomed TSX Venture Exchange approval to alter the appellation of 35,000,000 non- transferrable warrants issued by the Aggregation to the Lenders. These warrants will now expire on April 30, 2019, ancillary to the new ability date of the Facility in affiliation with the Amendment.
The Aggregation has additionally entered into adjustment agreements (the “Settlement Agreements”) with two creditors whereby Tangelo has agreed to affair accepted shares of the Aggregation at a accounted amount of $0.05 per accepted allotment in abounding and final adjustment of the amounts attributable to such creditors (the “Shares for Debt Settlement”). Pursuant to the Adjustment Agreements, $181,000 in debt will be acclimatized and a absolute of 3,620,000 accepted shares will be issued to the creditors, which would represent beneath than 2% of the issued and outstanding accepted shares of Tangelo afterward the achievement of the Shares for Debt Settlement. The lath and administration of Tangelo accept that the proposed Shares for Debt Adjustment is in the best interests of the Aggregation as it conserves cash.
The Shares for Debt Adjustment has been conditionally accustomed by the TSX Venture Exchange and the accompanying accepted shares will be issued today.
About Tangelo Games
Tangelo Amateur Corp., the ancestor aggregation of Diwip and Akamon, aforetime accepted as Imperus Technologies Corp., is a developer of amusing and adaptable gaming for PC, Mac, iOS and Android platforms. Diwip and Akamon design, advance and administer their top ranked amusing casino- themed amateur aural online amusing networks (such as Facebook) and adaptable platforms (such as Android and iPhone). All of the Diwip and Akamon amateur are chargeless to comedy and accomplish acquirement primarily through the in-game auction of basic coins.
Caution Apropos Forward-Looking Information:
Certain statements in this columnist absolution may aggregate “forward-looking information” which involves accepted and alien risks, uncertainties and added factors which may account the absolute results, achievement or achievements of the Aggregation to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced information. When acclimated in this columnist release, such advanced advice may use such words as “may”, “will”, “expect”, “believe”, “plan” and added agnate terminology. Advanced advice includes, but is not bound to, statements apropos the Amendment, the alteration of the appellation of the Warrants, the shares for debt adjustment and the business of the Company. Advanced advice is provided for the purpose of presenting advice about management’s accepted expectations apropos to the approaching contest and the operating achievement of the Company, and readers are cautioned that such advice may not be adapted for added purposes. The advanced statements absorb a cardinal of risks and uncertainties. These risks and uncertainties include, but are not bound to, authoritative requirements, accepted economic, bazaar or business altitude and approaching developments in the sectors of the abridgement in which the business of Tangelo operates. The above account of factors is not exhaustive. Please see the Company’s abbreviate anatomy announcement anachronous March 27, 2015, the Company’s Annual Advice Anatomy anachronous November 11, 2015 and added abstracts accessible on www.sedar.com, for a added abundant description of the accident factors. The Aggregation undertakes no obligation to amend about or alter any advanced information, whether a aftereffect of new information, approaching after-effects or otherwise, except as appropriate by law.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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