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THE WATERBERG COAL COMPANY LTD - The Waterberg Coal Company Limited 45.88% subsidiary,Firestone Energy Limited, announces USD5.0 million fund raising

Release Date: 10/11/2014 10:40
Code(s): WCC     PDF:  
Wrap Text
The Waterberg Coal Company Limited 45.88% subsidiary,Firestone Energy Limited, announces USD5.0 million fund raising

ASX Release

                                 The Waterberg Coal Company Limited10 November 2014              
                                 (Incorporated in Australia)

                                 (Registration number ABN 64 065 480 453)
THE WATERBERG COAL               ASX: WCC | JSE: WCC | ISIN: AU000000WCC9
COMPANY LIMITED
ABN 64 065 480 453               (“WCC” or “the Company”)
Registered office:
Level 2, 1 Walker Avenue West
Perth, Western Australia 6005
Australia                        The Waterberg Coal Company Limited 45.88% subsidiary, Firestone
                                 Energy Limited, announces USD5.0 million fund raising.

  Tel:+61 8 9485 0888
  Fax: +61 8 9485 0077           Please see following announcement released by Firestone Energy Limited
                                 today, 10 November 2014.
   South African office:
   Level 1, The Place,
      1 Sandton Dr
     Sandton, 2146               Stephen Miller
      South Africa
                                 Executive Director and CEO
  Tel: +27 10 594 2240
  Fax: +27 10 594 2253


        Contact:
    Mr Stephen Miller
 Executive Director/CEO
           Or
   Investor relations
     in South Africa:
      Bruce Tinney
   +27 (83) 408 3028

         E-mail:
info@waterbergcoal.com.au



         Directors:
    Dr Mathews Phosa
        (Chairman)
       Stephen Miller
  (Executive Director and
           CEO)
         Lee Boyd
  (Director and Company
         Secretary)


   ASX / JSE Symbol:
          WCC
                                                                                              ASX Release
10 November 2014
                                                                                           10 November 2014

FIRESTONE RAISES USD5,000,000 BY CONVERTIBLE NOTES ISSUE                                 FIRESTONE ENERGY
                                                                                              LIMITED
                                                                                          ABN 71 058 436 794
Firestone Energy Limited (Firestone or the Company) advises that it has signed a
term sheet with Four Oaks Credit Fund Limited for the provision of USD5.0 million              Registered office:
in new funding by way of the issue of Convertible Notes (CN), each with a current     Level 2, 1 Walker Avenue West Perth,
face value of ZAR0.07 (seven South African cents).                                           Western Australia 6005
                                                                                                   Australia
Completion of the transaction is subject to execution of formal documentation and
completion of due diligence by Four Oaks Credit Fund Limited.                              Tel:+61 8 9485 0888
                                                                                           Fax: +61 8 9485 0077
The funds are proposed to be drawn down over two tranches comprising USD2.7
million and USD2.3 million respectively. The Tranche 1 CN will be issued pursuant           South African office:
to the Company’s current 15% capacity under ASX Listing Rule 7.1 with Tranche 2              Level 1, The Place,
to be issued subsequent to shareholder approval at the Company’s AGM to be              1 Sandton Dr, Sandton, 2146,
held on 28 November 2014.                                                                       South Africa

Funds raised are to be used for advancing Firestone’s Waterberg Coal Project                Tel: +27 10 594 2240
Joint Venture located in the Waterberg district of Limpopo Province, South Africa           Fax: +27 10 594 2253
and for other working capital purposes.

The salient terms of the issue of the Convertible Notes are as follows:
                                                                                                   Contact:
        1.      Principal amount is USD5,000,000;
        2.      Drawing over 2 Tranches, as above;                                             Mr Stephen Miller
        3.      Face value of each note is ZAR0.07;                                           Managing Director
        4.      Redemption to be in equivalent USD;                                                   Or
        5.      Coupon interest rate is 6% p.a.;                                             Investor relations
        6.      PIK interest rate is 6% p.a.; and                                               in South Africa:
        7.      Maturity date is 30 November 2016.                                               Bruce Tinney
                                                                                              +27 (83) 408 3028
The face value of each note represents a 28% premium to the prior 20 day VWAP
of Firestone’s securities on the ASX.                                                             E-mail:
                                                                                            info@waterbergcoal.net
The Company is pleased to have the support of Four Oaks Credit Fund Limited to
enable it to progress the Company’s Waterberg Coal Project Joint Venture.                    Corporate Details:
                                                                                            Major Shareholders:
Shareholders are advised to continue to exercise caution as discussions relating to    The Waterberg Coal Company Ltd
further funding are ongoing.
                                                                                            Directors and Officers:
Stephen Miller                                                                             Non Executive Directors:
Managing Director                                                                        Dr Mathews Phosa (Chairman)
                                                                                            George Oupa Magashula
                                                                                               Edwin Leith Boyd
JSE Sponsor
                                                                                                  Officers:
The Standard Bank of South Africa Limited                                             Mr Stephen Miller Managing Director
                                                                                           Ms Amanda Matthee CFO
                                                                                        Mr Edwin Leith Boyd Company
                                                                                                  Secretary

                                                                                              ASX / JSE Symbol:
                                                                                                     FSE

                                                                                       Web: www.firestoneenergy.com.au



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