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Tango Granted Leeway to Fund Botswana BK11 Diamond Mine
Apr 10, 2016 3:03 AM
By Rapaport News
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BK11 mine, Botswana
RAPAPORT... Tango Mining, a Canada-based company that primarily operates
in southern Africa, received an extension of a deadline to meet all conditions
for its acquisition of Firestone Diamonds' Botswana operations.
Tango agreed to acquire the BK11 Kimberlite Diamond Mine in
the Orapa/Letlhakane region of Botswana last year for $8 million, according to
a statement April 6. An earlier deadline last September was extended to April 8
after Tango failed to pay a deposit, Firestone said in an earlier statement,
and has been pushed back again to July 29, enabling Tango to finalize terms of
a proposed $30 million loan from Vanderbilt Commercial Lending to finance the takeover.
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Tags:
BK11, Botswana, Firestone Diamonds, mining, Rapaport News, Tango Mining
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