Tango Mining Enters Proposed Loan Commitment to Fund BK11 Mine

Tango Mining Ltd. (TSXV:TGV) announced that it’s entered into a proposed US$30-million loan commitment with Vanderbilt Commercial Lending Inc. in order to restart the previously operating BK11 diamond mine, located in Botswana.
The company also recently announced plans to sell its Oena diamond project.
As quoted in the press release:

Vanderbilt has issued its Loan Disclosure Agreement to Tango which outlines the general parameters for a USD$30M Loan that will be documented in a final Loan Commitment Agreement. The outstanding principal, plus accrued and unpaid interest are due at the end of the five-year term of the Loan which includes an 18-month pre-paid interest Reserve Fund. The fixed interest rate on the Loan will be the greater of 13% per annum or 975 basis points above the WSJ Prime Rate during the term of the Loan. The Loan will have a first lien position on the BK11 Mine and Tango’s 51% interest in the Kwena Group.

Click here to read the full Tango Mining Ltd. (TSXV:TGV) press release.