Tango Mining Fails to Make Initial Payment for Firestone Botswana Operations
October 04, 15
(IDEX Online News) – Tango Mining Limited has told Firestone Diamonds plc that it is unable to pay $0.3 million into escrow as a deposit for the company’s Botswana operations. The deposit was the fulfilment of the first part of the conditional sales agreement between the two companies announced in July.
Tango Mining has now formally requested an extension to the agreed upon timetable in order to complete its fundraising activities in relation to the full sales amount of $7.65 million.
Firestone said it is discussing the request with Tango Mining and will update the market when the parties have reached agreement or if the agreement is cancelled.