TORONTO, ONTARIO–(Marketwired – Jan 10, 2017) – Tangelo Amateur Corp. (“Tangelo” or the “Company”) (TSX VENTURE:GEL), a arch developer and abettor of amusing bank games, has accomplished an acceding with its lenders to alter assertive acceding of its outstanding acclaim agreement. 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 (together, the “Credit Agreement”) 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 (“TEC”).
The Aggregation and its subsidiaries accept entered into a abandonment and alteration (the “Amendment”) to the Acclaim Acceding with TEC, on account of the Lenders, waiving breaches by the Aggregation of assertive covenants and alteration the agreement thresholds for approaching periods. Pursuant to the Amendment, Tangelo’s obligations to accord arch of US$14 actor on or afore December 31, 2016 has been adapted and the Aggregation is now answerable to pay the greater of US$10 actor and 90% of the gain of any disinterestedness or M&A transaction completed by Tangelo on or afore March 31, 2017. No added claim of arch will be due beneath the Acclaim Acceding until the ability matures. TEC additionally agreed to alter the accepted ratio, minimum cash, boilerplate circadian alive user and altered client covenants for the periods from December 31, 2016 to March 31, 2017. As application for these amendments, amid added things, the Aggregation agreed to pay to the Lenders a US$200,000 fee. Additionally, the Aggregation has agreed to alter the exercise amount for 35,000,000 non-transferrable warrants (the “Warrants”) issued by the Aggregation to the Lenders to a amount according to the closing amount of the Company’s accepted shares for the 10 trading canicule above-mentioned to this advertisement (or as bent in accordance with the behavior of the TSX Venture Exchange) in affiliation with the advertisement of the Amendment. The Alteration is accountable to assertive conditions, including, but not bound to, approval by the TSX Venture Exchange of the alteration to the exercise amount for the Warrants.
About Tangelo Amateur
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 repricing of the Warrants 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 adapted 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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