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Firestone Postpones BK11 Sale

Aug 1, 2016 7:43 AM   By Rapaport News
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Firestone Diamonds extended Tango Mining’s deadline for a third time to enable the latter to finalize a loan for financing an acquisition of the BK11 mine in Botswana.

Firestone agreed to sell the mine to Tango last year for $8 million and twice pushed back the date by which Tango must meet the pre-conditions for the deal. This leeway was granted so that Tango could wrap up a proposed $30 million loan commitment with Vanderbilt Commercial Lending to finance the purchase and recommence operations at BK11.

The latest revised ‘drop-dead date’ by which Tango must meet all the conditions of the sale is August 29. The original deadline was September 2015 and extensions were to April and then July.
Tags: BK11, Botswana, Firestone, Firestone Diamonds, Rapaport News, tango, Tango Mining, Vanderbilt Commercial Lending
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