/NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, March 24, 2015 /CNW/ - Tapango Resources Ltd. (TSXV: TPA.H) (the "Company") announces that further to its news release dated February 17, 2015, it has closed its non-brokered private placement of 3,333,333 units (the "Units") at a price of $0.15 per Unit for gross proceeds of $500,000 (the "Private Placement"). Each Unit consists of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable into one Common Share at an exercise price of $0.20 until March 24, 2016. The securities issued in connection with the Private Placement are subject to a hold period of four months and a day expiring on July 25, 2015. Proceeds will be used for general working capital and for continuing to research opportunities in the natural resources sector.
The Company also announces that pursuant to the Private Placement, Fiore Financial Corporation ("Fiore") (a company owned and controlled by Frank Giustra) acquired 2,249,983 Units which Units are comprised of 2,249,983 Common Shares representing approximately 30.88% of the issued and outstanding Common Shares of the Company and 2,249,983 Warrants representing approximately 67.50% of the issued and outstanding warrants of the Company. As a result of the acquisition of securities described above, Frank Giustra, The Radcliffe Foundation (a charitable organization controlled by Frank Giustra), and Fiore own in aggregate, 2,452,533 Common Shares representing approximately 33.66% of the current issued and outstanding Common Shares of the Company and would own 4,702,516 Common Shares, representing approximately 49.31% on a partially diluted basis, assuming the exercise of the 2,249,983 Warrants held by Fiore.
The Company has been advised that Fiore has acquired these securities for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant. Fiore relied on section 2.3 of National Instrument 45-106 in connection with the issuance of the Units. A copy of the early warning report filed pursuant to National Instrument 62-103 may be obtained by contacting Geir Liland at (604) 609-6110.
On behalf of the Board of
TAPANGO RESOURCES LTD.
President & Director
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.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
SOURCE Tapango Resources Ltd.
For further information: Suite 3123, 595 Burrard Street, Vancouver, BC V7X 1J1, Tel: (604) 609-6110