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FIRESTONE ENERGY LIMITED - ASX Waiver from Listing Rule 14.7

Release Date: 05/02/2013 08:12
Code(s): FSE     PDF:  
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ASX Waiver from Listing Rule 14.7

 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") 

                                                                                                               About Firestone Energy

                                                                                                                 Firestone Energy Limited is an
            5 February 2013
                                                                                                                 independent, Australian exploration and
                                                                                                                 development company listed on the
                                       ASX Waiver from Listing Rule 14.7                                         Australian Stock Exchange Ltd (ASX) and
                                                                                                                 the Johannesburg Stock Exchange (JSE).
             Further to the announcement released earlier today that first stage of Completion                   Firestone Energy has entered into a Joint
             had taken place, the Company advises that it has received a waiver from listing rule                Venture with Sekoko Resources (Pty) Ltd
             14.7 from the ASX in the following terms:                                                           through which Firestone Energy has
                                                                                                                 acquired the right to 60% participation
             "Based solely on the information provided, ASX Limited ("ASX") grants Firestone Energy Limited      interests in the Waterberg Coal Project
             (the "Company") a waiver from listing rule 14.7 to the extent necessary to permit the Company       located in Lephalale area, Limpopo Province,
             to issue A$39,895,000 of secured convertible notes with a conversion price of A$0.025 to            South Africa.
             Ariona Company SA (“New Convertible Notes”) and 300,000,000 unlisted options over the
             unissued share capital of the Company, exercisable at A$0.025 and expiring 2 years after the        The first stage of the project is to develop the
             date of issue (“Incentive Options”) later than the 3 months after the date of the shareholders      Smitspan mine which has a substantial
             meeting on 5 October 2012 (the “Meeting”) at which the issue of the New Convertible Notes and       measured thermal coal resource and to
             Incentive Options was approved, on the following conditions:                                        develop the Vetleegte mine which is a
                                                                                                                 substantial metallurgical coal deposit.
                  1.1.        A first tranche of convertible notes with a value of $27,395,000 is issued by 31
                             January 2013.                                                                       Firestone Energy is committed to becoming a
                                                                                                                 profitable independent coal and energy
                  1.2.       A second tranche of convertible notes with a value of A$12,500,000 is issued by     producer at its projects in South Africa,
                             28 February 2013.                                                                   thereby making a substantial contribution to
                                                                                                                 the social and economic development of the
                  1.3.     The 300,000,000 Incentive Options are issued no later than 28 February 2013.          Lephalale area and South Africa.

                  1.4.     The New Convertible Notes and Incentive Options are otherwise issued on the           Corporate Details
                           same terms and conditions as approved by shareholders at the Meeting.                                                      ASX: FSE
                                                                                                                                                      JSE: FSE
                  1.5.     The Company releases the terms of the waiver to the market immediately; and
                                                                                                                                                 Issued Capital:
                                                                                                                                  3,114 million ordinary shares
                  1.6.    The Company’s annual report released during the period in which the Convertible
                          Notes and Incentive Options are issued (that is, for the financial year ending 30                               Major Shareholders:
                          June 2013), discloses details of the Convertible Notes and Incentive Options that                        Sekoko Resources (Pty) Ltd
                          have been issued.                                                                                                    Linc Energy Ltd
                                                                                                                                       BBY Nominees Pty Ltd
                                                                                                                                     Bell Potter Nominees Ltd
             2.   ASX has considered listing rule 14.7 only and makes no statement as to the Company’s
                  compliance with other listing rules. "                                                                               Directors and Officers

                                                                                                                                   Non Executive Directors:
                                                                                                                                   Mr Tim Tebeila (Chairman)
                                                                                                                             David Perkins (Deputy Chairman)
          Yours sincerely,                                                                                                                     Dr Pius Kasolo
                                                                                                                                              Ben Mphahlele
                                                                                                                                            Kobus Terblanche

                                                                                                                                                  Officers:
         David Knox                                                                                                                     Mr David Knox CEO
         Chief Executive Officer                                                                                                    Ms Amanda Matthee CFO
                                                                                                                          Mr Jerry Monzu Company Secretary
         www.firestoneenergy.com.au
         Tel: Australia (+61 08 9287 4600)
              South Africa (+27 11 706 3548)                                                                                                         Contact:
                                                                                                                                 Suite B9, 431 Roberts Road
                                                                                                                            Subiaco, Western Australia 6008
                                                                                                                                     Tel: +61 (08) 9287 4600
                                                                                                                           Web: www.firestoneenergy.com.au
         5 February 2013
         Sponsor 
         River Group


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