TNG Limited (ASX:TNG) announced that it has signed a binding term sheet to issue 107,526,882 new shares at a price of AUD 0.093 per share to raise AUD 10,000,000 on June 11, 2019. The transaction will include participation from Sparta AG (DB:SPT6) and DELPHI Unternehmensberatung AG. The transaction is expected to close on or around 14 June 2019.

The transaction does not require shareholder approval.