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.