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FSE - Firestone Energy Limited - Linc Energy takes Strategic Stake in Firestone 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") LINC ENERGY TAKES STRATEGIC STAKE IN FIRESTONE Firestone Energy Limited (ASX / JSE: FSE) ("Firestone" or the "Company") is pleased to announce that the Company has completed a placement of approximately 150 million shares at A$0.012 per share, under the Company`s 15% capacity, to ASX listed global energy company Linc Energy Limited (ASX:LNC), raising A$1.8M. Following the placement, Linc Energy will hold approximately 9.6% of Firestone`s issued capital. BBY Limited was the Lead Manager to the Placement. The funds will be allocated towards Firestone`s general working capital requirements for the development of the flagship Smitspan project. David Perkins, Chairman of Firestone, commented "We welcome Linc Energy as a significant shareholder in Firestone and we look forward to working with Linc as the Firestone/Sekoko JV brings the Smitspan mine into production." As part of the placement, Firestone has granted to Linc Energy its Underground Coal Gasification, oil and gas rights over the tenements that are subject of the JV between Firestone and its partner, Sekoko Resources. A detailed agreement between the parties will be entered into in the short term. Peter Bond, CEO of Linc, said "This investment by Linc marks our most significant foray into the growing, energy hungry African continent. We believe this investment will be value accretive for Linc shareholders as the Firestone/Sekoko JV owns billions of tonnes of coal, ranging from higher value metallurgical coal, thermal coal for power generation through to coal which appears suitable for Linc`s Underground (UCG) and above ground (powerhouse) gasification processes. I look forward to working with the Firestone/Sekoko JV to maximise the value of these assets. This investment is a classic Linc Energy play whereby we as a company secure significant mineral resources in a potential area as a cornerstone to doing business in that location, yet gaining potential upside by smart buying of strategic mineral assets. " Firestone Energy Limited David Perkins Chairman www.firestoneenergy.com.au About Sekoko Resources Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and minerals company developing the coal, magnetite iron ore and PGMs Projects in the Limpopo Province of South Africa. This includes a significant exploration program and development of the Waterberg Coal Joint Venture Project based on significant Coal Zone Resources. Sekoko is targeting to commence operations in 2012, thus forming the basis for developing a global coal business. 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: 2,808 million ordinary shares Major Shareholders: Sekoko Resources (Pty) Ltd BBY Nominees Ltd Colbern Fiduciary Nominees Ltd Bell Potter Nominees Ltd Directors and Officers Non Executive Directors: David Perkins (Chairman) Dr Pius Kasolo Colin McIntyre Executive Directors: Sizwe Nkosi Company Secretary: Jerry Monzu Contact: Suite B9, 431 Roberts Road Subiaco, Western Australia 6008 Tel: +61 (0)8 9287 4600 6 September 2011 Pretoria Sponsor and Corporate Advisor River Group Date: 06/09/2011 08:48:01 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.
