Sharenet Sites 
Sharenet Sites
FSE - FSE - FSE Announces A$2.07 Million share placement and board restructure and lifting of trading halt FIRESTONE ENERGY LIMITED (formerly Centralian Minerals Limited) (Registration number: ABN 058 436 794) (SA company registration number: 200/023973/10 Share code on the JSE: FSE Share code on the ASX: FSE ISIN: AU000000FSE6 ("FSE" or "the Company") FSE ANNOUNCES A$2.07 MILLION SHARE PLACEMENT AND BOARD RESTRUCTURE AND LIFTING OF TRADING HALT Highlights: * Placement to raise A$2.07 million with funds to be used toward the Sekoko Coal transaction and other working capital requirements. * Board capacity further strengthened to position the company for future growth. Funding Firestone Energy Limited (ASX:FSE / JSE:FSE) ("Firestone" or "the Company") is pleased to announce that it has received firm commitments to undertake a placement to raise A$2.07 million ("Placement"). The funds are intended to be used toward agreed funding commitments in relation to the transaction with Sekoko Coal (Pty) Ltd, which was announced to ASX on 1 April 2009, and other working capital requirements. Placement details: * The purpose of the Placement is to raise A$2.07 million by way of the issue of 51,750,000 ordinary shares in the Company at A$0.04 per share (a premium of 18% to the closing price on 11 June 2009), plus one free attaching unlisted option for every two shares allotted. The 25,875,000 options are exercisable at 6 cents each and have an expiry date of 30 June 2014. * The shares issued pursuant to the Placement will carry standard rights applicable to ordinary shares in FSE and will, from the date of issue, rank equally with fully paid ordinary shares currently on issue. * The Placement will be made to a range of investors without disclosure in accordance with section 708 of the Corporations Act 2001 (Cth). * The Company will not seek shareholder approval prior to the issue of the shares and options, and will rely on its 15% placement capacity under Listing Rule 7.1. Board Restructure Two Non-Executive Directors, Messrs Lee Boyd and Daryl Henthorn have resigned from the Board, effective immediately. The Company thanks Messrs Boyd and Henthorn for their services. The Board is pleased to announce that a highly experienced and widely respected mining engineer with extensive board experience and practical mining experience in open pit and underground mining has consented to join the Board of Firestone. Further details will be announced as soon as possible. Commenting on the appointment and capital raising, Managing Director, Mr Garth Higgo said: "The appointment will further strengthen the Board as it seeks to position the Company for the next phase in its growth strategy to establish a commercial mining operation in the highly prospective and strategic Waterberg coal region". "The capital raising at an attractive premium to the recent trading price for FSE shares is a vote of confidence in the direction and growth prospects of the Company as well as providing some additional balance sheet comfort and operational flexibility over the short-medium term. The Company is in the process of exploring longer term funding options, including for the Bankable Feasibility Study, and will advise these upon finalisation". About Firestone Energy Firestone Energy Limited is a Perth based exploration company listed on the Australian Stock Exchange (ASX: FSE) and the Johannesburg Stock Exchange (JSE:FSE). Firestone is an exploration company that sources and develops viable mineral projects with a particular focus at this time on coal prospects in the Waterberg Coal Field, South Africa. The Company has joint ventures with Sekoko Coal over two farms located in the Waterberg coalfield in the Limpopo Province of South Africa. This coalfield is becoming increasingly important as coal reserves in the Witbank, Highveld and Ermelo coalfields of the Mpumalanga Province, which currently supply the majority of Eskom`s coal power stations, become depleted over the next 20-30 years. The Company recently signed a further agreement with Sekoko Coal over four farms which will add up to 1 billion tonnes of coal to its existing holdings in the Waterberg coal field. This joint venture is still subject to regulatory and shareholder approvals. For more information please contact: Garth Higgo Chief Executive Officer +61 (08) 9381-2755 www.firestoneenergy.com.au Registered Office 63 Hay Street Subiaco 6008 Western Australia Facsimile: +61 (08) 9381 4799 Email: enquiries@firestoneenergy.com.au Firestone Energy Limited (ABN 71 058 436 794) Level 1 63 Hay Street Subiaco WA 6008 Australia PO Box 8284 Subiaco East WA 6008 Australia T: +61 8 9381 2755 F: +61 8 9381 4799 Date: 12/06/2009 09:48:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
