Firestone Diamonds Extends Date of Sale of Botswana Operations to Tango Mining

Finance and Trade
30/08/2016 09:22

Firestone Diamonds plc said it has agreed to extend the date by when all conditions for the disposal of the company's Botswana operations to Tango must be satisfied at the request of Tango Mining Limited. This extension is to enable Tango Mining to finalize its funding. As announced on July 9, the company entered into a conditional sale agreement with Tango Mining for the disposal, for a total of $8.0 million and, as announced previously certain terms of the conditional sale agreement were amended by the amendment letters. Pursuant to a further amendment of the conditional sale agreement, all conditions of the agreement must now be satisfied by no later than September 9. All other material terms of the amended agreement remain the same and accordingly, if the conditions are not satisfied or waived by the revised date, the deal will not be completed.