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Request for Extension to Voluntary Suspension
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")
18 December 2015
ASX Limited
Level 40, Central Park
152 – 158 St George’s Terrace
PERTH WA 6000
Request for Extension to Voluntary Suspension
Firestone Energy Limited (the Company) hereby requests an extension to its current voluntary suspension in the
trading of its securities which is due to expire pre-open on Monday 21 December 2015.
In accordance with ASX Listing Rule 17.2, the Company advises that:
a. as announced on 17 September 2015 (the Announcement), the Company and its parent company The
Waterberg Coal Company Limited (WCC) entered into a non-binding term sheet with Sibanye Gold Ltd
(Sibanye) whereby, inter alia, Sibanye has agreed terms with Standard Bank of South Africa (SBSA), as facility
agent, to acquire WCC’s existing funding facility held by SBSA (the Facility);
b. as per the Announcement, the transaction contemplated with Sibanye was subject to due diligence (legal,
technical and financial), which was expected to be completed by end of November 2015;
c. Sibanye has advised that the due diligence has been completed and that they are willing to consider pursing
the transaction however the terms of the agreement with both the SBSA Noteholders and the Company
would need to be varied, which variation is currently under negotiation and subject to formal documentation
and respective board approvals;
d. due to the Christmas/New Year seasonal break, it is considered that the negotiations, documentation and
requisite board approvals will now be completed during February 2016;
e. the Company is seeking the extension to the voluntary suspension to allow time for Sibanye to finalise the
formal documentation;
f. it is contemplated that once the variation with the SBSA Noteholders has been documented a revised term
sheet recording same will be entered into with all of the parties;
g. WCC’s replacement funding represents a significant transaction and the final terms of the proposal will
impact the Company's ability to carry out its future objectives;
h. SBSA has previously advised that it will maintain the Facility as “on demand”, rolling daily basis, to give the
discussions time to progress;
i. the Company is of the view that re-instatement of trading for its securities at this time is likely to be
materially prejudicial to its ability to successfully complete the complex funding transaction contemplated
which is critical to the Company’s financial viability;
j. it expects the voluntary suspension to remain in place until the earlier of:
i. the date that it has made an announcement in respect of its proposed funding arrangement; and
ii. commencement of trade on Tuesday, 29 February 2016;
k. it is not aware of any reason why the securities should not be suspended; and
l. is not aware of any other information necessary to inform the market about the suspension.
Yours faithfully
Firestone Energy Limited ABN: 71 058 436 794
Level 2, 1 Walker Avenue, West Perth WA 6005 PO Box 8136, Subiaco East WA 6008
P: +61 8 9485 0888 F: +61 8 9485 0077 W: www.firestoneenergy.com.au
E L (Lee) Boyd
Company Secretary
Firestone Energy Limited
Sponsor
River Group
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Date: 18/12/2015 03:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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