Tango Mining (TSX VENTURE:TGV) announced that the Firestone Diamonds Agreement for the acquisition of the BK11 Diamond Mine did not close as planned on September 9, 2016.
According to the news release:
Although Firestone had agreed to extend the Revised Drop Dead Date, as announced on 29 August 2016, by when all conditions for the acquisition of BK11 must have been satisfied, namely consideration of US$8.0 million and repayment of the care and maintenance fees to a maximum of US$40,000 per month, the Company did not close the US$10 million Loan Financing announced on 29 August 2016 or the US$30 million loan commitment with Vanderbilt Commercial Lending, Inc., as announced on 24 March 2016 on or before the Revised Drop Dead Date.
The Company’s core operating business at this time remains to be its four thermal coal, “Operation and Maintenance of Coal Processing Plant Contracts” that process 6.5 Mt per annum, with clientele that include Exxaro and Glencore and employees over 350 personnel. The Company has a continued development plan in place to grow the thermal coal business using the successful past 19-year business model, an established market presence and its proven successful operational reputation in the coal, base and precious metal and precious stone Southern African mining sector.
For the full news release, click here.
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