Botswana: Firestone Diamonds extends deadline for ops sale

Aug 03, 2016

Firestone Diamonds announced that it has extended the date by when all conditions for the disposal of its Botswana operations to Tango Mining Limited, IDEX Online reports.

       

The sale has been a protracted affair, as the sale was originally announced in July 2015, when Firestone and Tango entered into a conditional sale agreement for a total consideration of $8 million. Further announcements on October 13 and April 6 announced that certain terms of the agreement were amended. Following a further amendment, the agreement must now be satisfied by no later than August 29.

The extension is to enable Tango Mining to finalize the proposed $30 million loan commitment with Vanderbilt Commercial Lending Inc. to finance the acquisition.

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