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2017

Tangelo Games and Lender Amend Debt Facility; Covenants Reduced and Maturity Extended

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Top games debt 2017

Postby Arashigal В» 22.11.2018

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The Lenders also agreed to allow Tangelo to: i capitalize all of the accrued monthly interest for the months of September and October ; and ii capitalize up to half of the monthly interest under the Credit Agreement starting in November The Amendment is subject to certain conditions, including, but not limited to, approval by the TSX Venture Exchange of the amendment to the term of the Warrants.

Extending the maturity, reducing our range of covenants and giving us flexibility on debt service better enables the Company to execute on its strategic plan. Tangelo Games Corp. Diwip and Akamon design, develop and distribute their top ranked social casino-themed games within online social networks such as Facebook and mobile platforms such as Android and iPhone.

All of the Diwip and Akamon games are free to play and generate revenue primarily through the in-game sale of virtual coins. Forward-looking information includes, but is not limited to, statements regarding the Amendment, the extension of the term of the Warrants and the business of the Company.

The forward-looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Tangelo operates. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether a result of new information, future results or otherwise, except as required by law.

All Rights Reserved. Privacy and Disclaimer.

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