Tapango Resources Ltd. Receives Conditional Approval of Proposed Business Combination with CarbonOne Technologies Inc. and Palo Duro Energy Inc.

VANCOUVER, June 22, 2015 /CNW/ - Tapango Resources Ltd. ("Tapango" or "The Company") (NEX: TPA.H) is pleased to announce that the TSX Venture Exchange has conditionally approved the proposed business combination between the Company, Palo Duro Energy Inc. (NEX: PDE.H) and CarbonOne Technologies Inc. (the "Transaction").

A summary of the Transaction is provided in the Company's news releases dated April 20, 2015 and May 14, 2015.

The Company is also pleased to announce that it has delivered for mailing a joint management information circular, letter of transmittal and form of proxy (collectively, the "Meeting Materials") related to the special meeting of the shareholders of the Company to be held July 15, 2015 (the "Meeting") to approve, among other things, the proposed arrangement of Tapango, which forms part of the Transaction. The Meeting will be held at 10:00am (Vancouver time) at Suite 3123 - 595 Burrard Street, Vancouver, British Columbia, V7X 1J1. Meeting Materials were mailed to shareholders of the Company on June 18, 2015.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Completion of the Transaction is subject to a number of conditions, including TSX Venture Exchange acceptance and shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Palo Duro and Tapango should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements").  Palo Duro and Tapango caution the reader that there is no guarantee that any of the potential outcomes from the Agreement will actually occur or be finalized. Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to: the completion of the Transaction; the Resulting Issuer; the name of the Resulting Issuer; and the business plan and strategy of CarbonOne.  Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "will be", "will allow", "aims to become", and "expected to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Palo Duro, Tapango or CarbonOne to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, the ability to conclude the Transaction, capital expenditures and other costs, and financing and additional capital requirements. Although management of Palo Duro, Tapango or CarbonOne have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. Neither Palo Duro, Tapango nor CarbonOne undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Tapango Resources Ltd.

For further information: about Tapango, please contact: Geir Liland, President and Director, Tapango Resources Ltd., Suite 3123, 595 Burrard Street, Vancouver, B.C. V7X 1J1, Tel: 604-609-6110

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Tapango Resources Ltd.

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