JOHANNESBURG (miningweekly.com) – Canadian diversified junior miner Tango Mining has until the revised drop dead date of September 9 to settle all the conditions under the conditional sale agreement (CSA) for the $8-million acquisition of Aim-listed Firestone Diamonds’ Botswana assets.
Firestone on Tuesday agreed to extend the due date to allow Tango to finalise its proposed $30-million loan commitment with California-based financial lender Vanderbilt Commercial to finance the acquisition of the operations and provide the capital to restart the idled BK11 kimberlite diamond operations.
“All other material terms of the amended CSA remain the same and, accordingly, if the conditions of the CSA are not satisfied or waived by the revised drop dead date, the disposal will not complete,” the Lesotho-based diamond development company said in an update to shareholders.
An October amendment of the initial July agreement allowed an extension of the deadline from September 30, 2015, to April 8, 2016, which had been extended thereafter to August 29, by which time Tango was required to raise the $7.65-million balance it still owed, in addition to the ongoing, cumulative care-and-maintenance programme costs at the Botswana operations.