BK1130 Aug 2016 09:11
Update on the sale of the Botswana operations
RNS Number : 3850I
Firestone Diamonds PLC
30 August 2016
30 August 2016
Firestone Diamonds plc
("Firestone"," or the "Company") (AIM: FDI)
Update on the sale of the Botswana operations
Firestone Diamonds plc, the AIM-quoted diamond development company, announces that, at the request of Tango Mining Limited ("Tango Mining"), it has agreed to extend the date by when all conditions for the disposal of the Company's Botswana operations to Tango (the "Disposal") must be satisfied. This extension is to enable Tango Mining to finalise its funding.
As announced on 9 July 2015, the Company entered into a conditional sale agreement ("CSA") 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 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.