JOHANNESBURG (miningweekly.com) – Aim-listed Firestone Diamonds has agreed to an extension for the $8-million sale of its Botswana operations to allow buyer TSX-V-listed Tango Mining time to finalise a proposed $30-million loan.
Tango Mining would now have until July 29 to finalise the 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.
An October amendment of the initial conditional sale agreement inked in July allowed an initial extension until April 8, by which time Tango was required to raise the $7.65-million balance it still owed, as well as the aggregate ongoing, cumulative cost of the care-and-maintenance programme at the Botswana operations.
The revised date could further be extended in certain circumstances to August 29.