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Tango Gets $30M Loan to Complete Botswana Mine Deal
Mar 30, 2016 8:10 AM
By Rapaport News
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BK11 mine, Botswana
RAPAPORT... Tango Mining has secured a $30 million loan that will fund the
delayed acquisition of a mine in Botswana from Firestone Diamonds after being
granted an extension to raise funds for the purchase.
This follows Tango being given until April
8 to raise the $7.65 million balance of the consideration to buy the BK11
diamond mine in the Orapa/Letlhakane region after it failed to pay a deposit
into escrow before an earlier deadline last September.
The loan agreement is with Vanderbilt Commercial Lending,
according to a statement by Canada-based Tango March 24.
Separately, Tango has agreed to sell the Oena mining project
in South Africa to Bothma Diamante CC for $3 million. Bothma, registered in
South Africa, will acquire African Star Minerals, which owns the mine in the
Northern Cape region in its entirety, according to a separate statement March
23. Tango holds a 51 percent interest in African Star Minerals.
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Tags:
BK11, Botswana, mining, Rapaport News, tango, Tango Mining
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