Firestone Diamonds says has agreed to extend the date by when all conditions for the sale of its Botswana operations to Tango Mining must be satisfied. This extension is to enable Tango Mining to finalise its funding.
As announced on 9 July, the company entered into a conditional sale agreement with Tango Mining for the disposal, for a total consideration of US$8.0 million and, as announced on 13 October 2015 and 6 April 2016, certain terms of the CSA were amended by the amendment letters.
Pursuant to a further amendment of the CSA, all conditions of the CSA must now be satisfied by no later than 9 September.
All other material terms of the amended CSA remain the same and accordingly, if the conditions of the CSA are not satisfied or waived by the Revised Drop Dead Date, the disposal will not complete.