Diamond development company Firestone Diamonds plc which is traded on the London AIM exchange announced that at the request of Tango Mining Limited it has agreed to extend the date by when all conditions for the disposal of the company's Botswana operations to Tango must be satisfied.
The extension is to enable Tango Mining to finalize its funding.
As announced on July 9, the company entered into a conditional sale agreement (CSA) with Tango Mining for the disposal, for a total consideration of $8.0 million and, as announced on October 13 and April 6, 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 September 9 (the 'Revised Drop Dead Date').
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, the firm added.