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Tango Mining says terms of Zard stake have been amended
Tango Mining Ltd (CVE:TGV) said terms with Georges Zard, owner of conglomerate the GZA Group, over his purchase of a stake in the Oena alluvial diamond mine in South Africa, have been amended.
Tango’s interest in Oena is via a stake in African Star Minerals (ASM), which owns the project outright.
As reported earlier this month, Zard was to take a 31% stake for US$300,000.
Now, Zard will acquire from Tango an 8% interest in ASM in lieu of the 31% interest previously announced.
Kevin Gallagher, a related party, owns a 23% stake in ASM and he and Zard have entered into a private transaction whereby Zard will acquire that interest directly from Gallagher.
Zard has agreed to pay Tango US$35,000 for the 8% interest and purchase C$225,000 in shares in Tango via a placing.
Tango added that for Oena, an application for a nine-year renewal of the mining right was lodged with the Department of Mineral Resources with a Mining Work Programme, Environmental Management Plan and recently a revised social and labour plan has been submitted in support of the renewal.
The application for renewal of the CMR (converted mining right) is pending. The transfer of the 8% interest to Zard is subject to South African regulatory consents and approvals.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175474/tango-mining-says-terms-of-zard-stake-have-been-amended-175474.html
