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Firestone Extends BK11 Financing Deadline Again
Aug 30, 2016 8:03 AM
By Rapaport News
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RAPAPORT... Firestone Diamonds agreed to push back the deadline for the
sale of its Botswana operations to Tango Mining for the fourth time to enable
the buyer to finalize funding. The announcement came as Tango agreed a $10
million loan to finance the deal.
Tango must now meet all conditions of the agreement to buy
the BK11 mine in the Orapa region by September 9, Firestone said. The original deadline was September 2015, but was pushed
back to April, then
to July and again
to August 29.
Tango reached a non-convertible loan deal with
a number of lenders, it said August 29. A previous $30 million loan agreement with Vanderbilt
Commercial Lending to finance the acquisition has not been completed yet, Tango
added.
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Tags:
BK11, BK11 mine, Firestone, Firestone Diamonds, Orapa, Rapaport News, tango, Tango Mining, Vanderbilt Commercial Lending
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