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Firestone Postpones BK11 Sale
Aug 1, 2016 7:43 AM
By Rapaport News
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RAPAPORT... 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.
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Tags:
BK11, Botswana, Firestone, Firestone Diamonds, Rapaport News, tango, Tango Mining, Vanderbilt Commercial Lending
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