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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.
Tags: BK11, BK11 mine, Firestone, Firestone Diamonds, Orapa, Rapaport News, tango, Tango Mining, Vanderbilt Commercial Lending
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