Firestone Diamonds, Tango extend payment date for Botswana deal
Aim-listed Firestone Diamonds has agreed to amend certain conditions of the conditional sale agreement (CSA) related to the disposal of the company’s Botswana operations to Tango Mining for $8-million, as announced on July 9.
The amended terms extend the date by which Tango is required to raise the $7.65-million balance, as well as the aggregate ongoing, cumulative cost of the Botswana operations’ care and maintenance programme, to April 8, 2016.
This comes after Tango Mining, earlier this month, informed Firestone that it was unable to pay a $300 000 deposit into escrow by September 30, as stipulated in the CSA.
The agreement still requires Botswanan Ministerial approval for the transfer of the controlling interest in Monak, which owns the mining rights on which the Botswana operations are based, as well as receipt of the requisite approvals by the TSX-Venture Exchange in respect of the disposal.
These conditions still prevail after the Botswana Competition Authority gave its unconditional approval for the disposal on September 28.
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