Botswana – Tango Mining, the Canadian junior with diamond and coal projects in South Africa, has requested an extension on its original time frame request to acquire AIM-listed Firestone Diamonds Botswana operations.
The conditional sale agreement (CSA) was first announced on 9 July 2015.
Subsequent to this, Tango Mining has informed Firestone that it has not been able to pay US$0.3 million as a deposit (due 30 September 2015) as stipulated in the CSA.
The company would however still like to proceed with the acquisition and needs more time to complete its fundraising activities in relation to the consideration still due, being $7.65 million. Firestone is currently in discussions with Tango Mining to consider its request.
Firestone will update the market when the parties have reached agreement on the revised terms and timelines or if discussions with Tango Mining are terminated.