FIRESTONE ENERGY LIMITED - Background to Voluntary Suspension Announcement

Background to Voluntary Suspension Announcement

FIRESTONE ENERGY LIMITED
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
(SA company registration number 2008/023973/10)
('FSE' or 'the Company')

20 March 2015 

The Waterberg Coal Company Limited
Background to Voluntary Suspension Announcement

Firestone Energy Limited (Company or Firestone) advises that it has received advice from its 
parent company and financier, The Waterberg Coal Company Limited (WCC), of its having 
submitted to ASX an announcement (Announcement) in the attached form.

As Firestone also has a voluntary suspension of trading for its securities in place, and currently 
being reliant on WCC for funding of its continuing operations, the Announcement has the same 
relevance for the Company as it does for WCC.

ENDS

About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and development company listed on the Australian Stock Exchange Ltd (ASX) and 
the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint Venture with Sekoko Resources (Pty) Ltd through which Firestone 
Energy has acquired the right to 60% participation interests in the Waterberg Coal Project located in Lephalale area, Limpopo Province, South Africa.
The first stage of the project is to develop the Smitspan mine which has a substantial measured thermal coal resource and to develop the Vetleegte 
mine which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and energy producer at its projects in South Africa, thereby making a 
substantial contribution to the social and economic development of the Lephalale area and South Africa.
Corporate Details
ASX: FSE
JSE: FSE

Issued Capital
3,549 million ordinary shares

Major Shareholders
The Waterberg Coal Company Ltd

Directors and Officers

Non Executive Directors
Lee Boyd

Officers
Mr Stephen Miller CEO and Executive Director
Ms Amanda Matthee CFO
Mr Lee Boyd Company Secretary 

Contact
Firestone Energy Limited
ABN  71 058 436 794
Level 2, 1 Walker Avenue West Perth, Western Australia 6005  
Australia Tel: +61 (08) 9485 0888
Fax:+61(08) 9485 0077
Web: www.firestoneenergy.com.au



ASX RELEASE THE WATEERBERG COAL COMPANY LIMITED
20 March 2015
Background to Voluntary Suspension

As announced on 16 March 2015, The Waterberg Coal Company Limited (Company) entered into a 
trading halt whilst it finalises negotiations with certain banks and funding agencies to effect the funding 
required to retire its existing facility with the Standard Bank of South Africa as well as all other 
indebtedness of the Company and its controlled entities.  

The funding arrangements are also expected to provide the Company with funding for development of the 
Export Project and for the Company's general working capital requirements

Under the ASX Listing Rules, a trading halt may continue for only two trading days.  As such, the 
Company today requested that ASX and JSE impose a voluntary suspension of trading in its securities 
while these negotiations are being finalised to ensure that no trading in its shares occurs on an 
uninformed basis.

The Company's suspension will continue until an announcement is made regarding the availability of the 
proposed funding.

As previously announced to the market on 16 March 2015: 
* in February 2015 the lead manager of the proposed banking syndicate commissioned a reputable, 
  international mineral consultancy to be its independent technical expert for the production of a due 
  diligence report for the syndicate's project funding approvals process;
* an off take agreement is a condition precedent for the drawdown of any funding to be provided by 
  the project financiers;
* the Waterberg Coal Project partners have reached agreement in principle with a large international 
  power generation utility to be the sole "off taker" of the export quality product accruing from the 
  Export Project. The drafting of a legally binding "off-take" agreement is in process;
* the Waterberg Coal Project partners have reached agreement in principle with an international 
  mining and EPC contractor to contribute funding for the Group's working capital requirements; and 
* subject to completion of satisfactory funding arrangements as contemplated above, the Export 
  Project is scheduled to commence production of export quality thermal coal during the 3rd quarter of 
  2016.

Stephen Miller
Executive Director and CEO 
The Waterberg Coal Company Limited

Corporate Details
ABN 64 065 480 453
Registered office:
Level 2, 1 Walker Avenue West Perth, Western Australia 6005  Australia
Tel:+61 8 9485 0888
Fax: +61 8 9485 0077
South African office:
Level 1, The Place, 1 Sandton Dr, Sandton, 2146, South Africa

Tel: +27 10 594 2240 
Fax: +27 10 594 2253

Contact:
Mr Stephen Miller
Executive Director/CEO
Or
Investor relations
in South Africa: Lawrie Mackintosh

E-mail:
info@waterbergcoal.com.au

Directors:
Dr Mathews Phosa (Chairman)
Stephen Miller
(Executive Director and CEO)
Lee Boyd
(Director and Company Secretary)

Johannesburg
20 March 2015
Sponsor
River Group


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