Tangelo Games Satisfies Conditions to Waiver and Amendment to Credit Agreement

Toronto, January 26, 2017 – Tangelo Games Corp. (“Tangelo” or the “Company”) (TSX-VENTURE: GEL), a leading developer and operator of social casino games, announces that the Company has satisfied the outstanding conditions of the waiver and amendment agreement (the “Amendment”) with its lenders to amend certain terms of its outstanding credit agreement (see press release dated January 10, 2017). 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 Company paid the Lenders a fee of US$200,000 and received TSX Venture Exchange approval to amend the exercise price for 35,000,000 non-transferrable warrants issued by the Company to the Lenders to a new exercise price of $0.06 in connection with the Amendment.