Firestone Diamonds Extend Botswana Asset Disposal Date

Firestone Diamonds plc, the AIM-quoted diamond development company, announces 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. “This extension is to enable Tango Mining to finalise its funding.”

firestone logo As announced on 9 July 2015, the Company entered into aconditional sale agreement (“CSA”) with Tango Mining for the Disposal, for a total consideration of US$8.0 million and, asannounced 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 2016 (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.

 

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