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FSE - FSE - Revised Financing Structure to Progress Waterberg Project FIRESTONE ENERGY 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") Revised Financing Structure to Progress Waterberg Project Firestone Energy Limited (ASX/JSE: FSE) wishes to announce that in the context of continuing volatile market conditions, it has decided to make the following amendments to the Convertible Note Deed Poll entered into in September 2009. The amendment is intended to position the Company to be better able to attract investors to rapidly progress FSE`s Waterberg project and allow the Company to undertake its stated objectives. Further, the Company has agreed with BBY Limited to amend the terms of the Underwriting Agreement of the Convertible Note Deed Poll. The pricing of the securities to be issued by FSE pursuant to subscription payments made after 13 July 2010, upon conversion of convertible notes will be the higher of: (a) a 7.5% discount to the 5 day VWAP up to but not including the date upon which the note is issued by the issuer; and (b) A$0.02c per FSE share issued * Convertible Notes issued after 4 June 2010 shall be in denominations of A$500k or A$100k at the election of the subscriber. * Convertible notes may be converted monthly. Further information can be obtained by contacting the persons below on +61 (08) 9381-2755. John Dreyer Jerry Monzu Chairman Company Secretary www.firestoneenergy.com.au About Firestone Energy Firestone Energy is an independent Australian exploration company focused on developing coal projects in South Africa. The company is currently exploring the richly endowed Waterberg coal field in the Limpopo Province of South Africa. The Company is committed to value-added growth through becoming an independent coal and energy producer at its projects in South Africa. The Company has entered into three joint ventures with Sekoko Resources, a South African black empowerment company (BEE) and Sekoko has two directors on the Board of Firestone Energy. Corporate Details ASX: FSE JSE: FSE Issued Capital: 2,331 million ordinary shares Major Shareholders: Sekoko Resources (Pty) Ltd Colbern Fiduciary Nominees Ltd Bell Potter Nominees Ltd Directors and Officers: Non Executive Directors: John Dreyer (Chairman) Timothy Tebeila (Deputy Chairman) Amanda Matthee Colin McIntyre Managing Director John Wallington Company Secretary Jerry Monzu Contact: Level 1, 63 Hay Street Subiaco, Western Australia 6008 Tel: +61 (0)8 9381 2755 Web: www.firestoneenergy.com.au Company secretary Pretoria 23 August 2010 Sponsor River Group Date: 23/08/2010 09:27:05 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.
