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Tango sells South African diamond mine for $3m

24th March 2016

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – TSX-V-listed Tango Mining has agreed to sell subsidiary African Star Minerals, which owns the Northern Cape-based Oena diamond mine, to South Africa-registered Bothma Diamante for $3-million.

The transaction, for which Tango received a binding offer, comprised two stages. Stage 1 comprised a binding term sheet and sale and acquisition agreement for contracting that would see Bothma continue the alluvial diamond bulk-sampling programme at Oena.

Following this, the parties would enter the Stage 2 sale and acquisition agreement for the share sale and purchase where Bothma would complete the acquisition of African Star.

Tango would receive a minimum of 15% of the proceeds of all diamond sales for a term of the longer of 12 months or until a Section 11 approval for the deal was obtained.

The sale was also subject to the approval of the TSX Venture Exchange and the completion of the Stage 2 agreement.

Edited by Creamer Media Reporter

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