Proactive Investors - Run By Investors For Investors

Tango Mining on hunt for growth as it does not complete Botswana deal

Firestone had agreed to extend the revised drop dead date
A diamond...
Firestone’s Botswana operations, including its interest in the low-grade high-value BK11 mine, are currently under care and maintenance.

Tango Mining Ltd (CVE:TGV) will continue to look for growth opportunities in Africa, specifically in Botswana and Angola, and in diamond trading opportunities,  it told investors, as it did not complete the acquisition of Bk11 mine in Botswana from Firestone Diamonds (LON:FDI).

Firestone had agreed to extend the revised drop dead date by when all conditions for the acquisition of the mine must have been satisfied, Tango did not meet the timeframe.

Included in that, Tango did not close the US$30mln loan commitment with Vanderbilt Commercial Lending Inc, as announced on March 24 this year on or before the revised drop dead date (Sep 9).

Firestone’s Botswana operations, including its interest in the low-grade high-value BK11 mine, are currently under care and maintenance.

Tango said its core operating business remained its four thermal coal processing plant contracts, with clients that include Exxaro and Glencore (LON:GLEN).

Tango can place up to 60 million units at five cents each, consisting of one share and one share purchase warrant to purchase one additional common share at 10 cents per share, exercisable for two years

This placing is subject to approval by the TSX Venture Exchange, it noted.

View full TGV profile View Profile

Tango Mining Timeline

Related Articles

pontax property
October 25 2018
The company said the discovery represents a solid target for further focused exploration
A manganese sample from the Bryah Basin Project
October 02 2018
Emerging new applications for manganese in batteries and energy storage are seen as exciting opportunities.
CS project
November 13 2018
The firm recently completed commercial trials on bulk samples from the CS project, while not far away NewPerl has more than trebled in size

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use