Tangelo Games Satisfies Conditions to Waiver and Amendment to Credit Agreement

Tangelo Games (TSXV:GEL) has announced that it has satisfied the outstanding conditions of the waiver and amended agreement with its leaders to amend certain terms of the outstanding credit agreement from the press release of November 27, 2017.
As quoted in the press release:

Tangelo previously completed a secured debt financing pursuant to an amended and restated credit agreement dated November 16, 2015, which amended the terms of a prior credit agreement dated January 30, 2015, as amended among the Company, as borrower, the subsidiaries of Tangelo, as credit parties, a syndicate of lenders (the “Lenders“), and the Lenders’ administrative agent, Third Eye Capital Corporation (the “Facility“).
The Company received TSX Venture Exchange approval to amend the term of 35,000,000 non- transferrable 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 (the “Settlement Agreements“) with two creditors whereby Tangelo has agreed to issue common shares of the Company at a deemed price of $0.05 per common share in full and final settlement of the amounts owing to such creditors (the “Shares for Debt Settlement“). Pursuant to the Settlement Agreements, $181,000 in debt will be settled and a total of 3,620,000 common shares will be issued to the creditors, which would represent less than 2% 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.

Click here to read the full press release.