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Firestone and The Waterberg Coal Company Limited Group Financing
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')
16 March 2015
The Waterberg Coal Company Limited - Group Financing
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 in the attached form.
As a consequence, Firestone has also requested a trading halt for its securities from market pre-
opening Tuesday 17 March 2015 until the earlier of commencement of trading on Thursday 19
March 2015 or when a relevant announcement regarding the Group's financing update is
released by WCC to the market.
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
16 March 2015
The Waterberg Coal Company Limited - Group Financing
As previously announced, the Standard Bank of South Africa (SBSA) Convertible Secured Facility (Facility) entered
into between The Waterberg Coal Company Limited (Company or Group) and SBSA on 26 March 2013 had been
extended from its maturity date of 9 October 2014 on an on-demand basis by mutual agreement. The Company has
now received advice from SBSA in its capacity as facility and security agent for the Facility, seeking repayment of the
outstanding principal and accrued interest in the amount of approximately A$43 million by 9 April 2015.
The Company advises that it has been, and still is, in discussions with certain banks and funding agencies with
respect to the funding required to retire the Group's indebtedness (which includes the Facility) and also to provide the
capital required to develop the Export Project (which forms part of the broader Waterberg Coal Project (WCP)) and for
general working capital. To this end the lead manager of the proposed banking syndicate, has commissioned an
international mineral consultancy as its independent technical expert to produce a due diligence report for the
purposes of credit committee approval and project funding.
As part of the funding requirements for the Export Project, the WCP Partners have now reached agreement in
principle with an international power utility for that party to be the sole "off taker" of the export quality product accruing
from the development. In principle commercial terms, product qualities and specifications have been agreed. As at
today, the parties have commenced drafting a legally binding off take agreement. An off take agreement is a condition
precedent for the drawdown of any funding to be provided by the project financiers.
Furthermore, the Waterberg Coal Project Partners have also reached an agreement in principle with an international
mining and EPC contractor to contribute funding for the Group's working capital requirements.
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.
The Company has requested a trading halt for its securities from market pre-opening Tuesday 17 March 2015 until
the earlier of commencement of trading on Thursday 19 March 2015 or when a relevant announcement regarding the
Group's financing update is released to the market.
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
17 March 2015
Sponsor
River Group
Date: 17/03/2015 09:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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