TIDMFDI

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.

For more information contact:

 
                                    +44 (0)20 8741 
 Firestone Diamonds plc                       7810 
 Stuart Brown 
 
                                    +44 (0)20 7409 
 Strand Hanson Limited (Nomad)                3494 
 Stuart Faulkner 
 Richard Tulloch 
 James Dance 
 
 Macquarie Capital (Europe) 
  Limited (Joint Broker) 
                                     +44(0)20 3037 
 Raj Khatri                                   2000 
 Nick Stamp 
 
 Mirabaud Securities LLP (Joint 
  Broker) 
                                    +44 (0)20 7878 
 Rory Scott                                   3360 
                                    +44 (0)20 7878 
 Ed Haig-Thomas                               3447 
 
 Tavistock (Public and Investor     +44 (0)20 7920 
  Relations)                                  3150 
                                   +44 (0)7788 554 
 Jos Simson                                    035 
 Emily Fenton

Background information on Firestone

Firestone is an international diamond development company with operations focused on Lesotho. Firestone is currently in the process of developing the Liqhobong Mine Development Project in Lesotho to become a one million carat per annum producer.

Lesotho is emerging as one of Africa's significant new diamond producers, and hosts Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine, as well as Namakwa Diamonds' Kao Mine and the Mothae development project.

For more information please visit: www.firestonediamonds.com.

**ENDS**

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSDESMSFMSEEA

(END) Dow Jones Newswires

August 30, 2016 02:25 ET (06:25 GMT)

Firestone Diamonds (LSE:FDI)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Firestone Diamonds Charts.
Firestone Diamonds (LSE:FDI)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Firestone Diamonds Charts.