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FIRESTONE ENERGY LIMITED - Update on Financial Restructure

Release Date: 13/11/2012 08:38
Code(s): FSE     PDF:  
Wrap Text
Update on Financial Restructure

                                                                                            About Firestone Energy
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")
                                                                                            Firestone Energy Limited is an
13 November 2012                                                                            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

Update on Financial Restructure                                                             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.
On 5 October 2012 Firestone Energy Limited (ASX/JSE: FSE) (the “Company” or
“FSE”) announced that it had received shareholder approval for the proposed                 The first stage of the project is to develop the
financial restructure which included a $40.7 million funding facility from Ariona           Smitspan mine which has a substantial
Company SA.                                                                                 measured thermal coal resource and to
                                                                                            develop the Vetleegte mine which is a
Since 5 October 2012, the Company has been working with Ariona to satisfy the               substantial metallurgical coal deposit.
remaining conditions precedents that have taken longer than originally expected.
While all the conditions precedent have now been satisfied, Ariona has requested            Firestone Energy is committed to becoming a
a seven day extension in order to propose a deed of variation as to the terms of            profitable independent coal and energy
the financial settlement, to which the board has agreed, that may result in the             producer at its projects in South Africa,
financial completion occurring in stages.                                                   thereby making a substantial contribution to
                                                                                            the social and economic development of the
Ariona is a special purpose vehicle representing a consortium of international              Lephalale area and South Africa.
institutional and private investors focusing on global resource opportunities.
                                                                                            Corporate Details
                                                                                                                                 ASX: FSE
                                                                                                                                 JSE: FSE

                                                                                                                            Issued Capital:
                                                                                                             3,114 million ordinary shares
Yours sincerely,
                                                                                                                     Major Shareholders:
                                                                                                              Sekoko Resources (Pty) Ltd
                                                                                                                          Linc Energy Ltd
                                                                                                                  BBY Nominees Pty Ltd
                                                                                                                Bell Potter Nominees Ltd
David Knox
                                                                                                                  Directors and Officers
Chief Executive Officer
www.firestoneenergy.com.au                                                                                    Non Executive Directors:
Tel: Australia (+61 08 9287 4600)                                                                            Mr Tim Tebeila (Chairman)
     South Africa (+27 11 706 3548)                                                                      David Perkins (Deputy Chairman)
                                                                                                                          Dr Pius Kasolo
                                                                                                                         Ben Mphahlele
                                                                                                                       Kobus Terblanche
About Sekoko Resources
                                                                                                                             Officers:
Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and minerals                                Mr David Knox CEO
company developing the coal, magnetite iron ore and PGMs Projects in the Limpopo                               Ms Amanda Matthee CFO
                                                                                                     Mr Jerry Monzu Company Secretary
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.
                                                                                                                                Contact:

SPONSOR                                                                                                   Suite B9, 431 Roberts Road
RIVER GROUP                                                                                            Subiaco, Western Australia 6008
JOHANNESBURG                                                                                                     Tel: +61 (08) 9287 4600
13 NOVEMBER 2012                                                                                          Web: www.firestoneenergy.com.au

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