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Request for Extension to Voluntary Suspension
Firestone Energy Limited
(Incorporated in Australia)
(Registration number ACN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
FSE01 - ISIN AU0000FSE02
(SA company registration number 2008/023973/10
(“FSE” or “The Company”)
Request for Extension to Voluntary Suspension
Firestone Energy Limited (Company) hereby requests an extension to its current voluntary suspension in the
trading of its securities.
In accordance with ASX Listing Rule 17.2, the Company advises that:
a. as announced on 17 September 2015 (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 had agreed terms with Standard Bank of South Africa (SBSA), as
facility agent, to acquire WCC’s existing funding facility held by SBSA (Facility);
b. as per the Announcement, the transaction contemplated with Sibanye was originally expected to be
completed by end of November 2015, then revised to the end of February 2016.
c. a Company market release dated 25 February 2016 advised that Sibanye had, on 24 February 2016,
submitted a new offer to WCC which was materially different from the equity based transaction, as
originally contemplated, to one whereby Sibanye proposed to acquire only the assets of the Waterberg
Coal Project. This offer was withdrawn by Sibanye when WCC was unable to give due consideration within
the approximately 24 hours turn around time stipulated.
d. on 10 March the Company advised that it and WCC were in negotiations with South African company
Villora Limited to assist in re-capitalisation of the Company’s balance sheet including, inter alia, a potential
transaction for acquisition of the WCC convertible note facility held by SBSA (Replacement Funding).
e. the Replacement Funding represents a significant transaction and the final terms of the proposal will
impact both WCC’s and the Company's ability to carry out its future objectives;
f. the Company is of the view that re-instatement of trading for its securities at this time is likely to be
materially prejudicial to WCC’s and its ability to successfully complete the complex funding transaction
contemplated which is critical to the Company’s financial viability;
g. 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 the proposed Replacement Funding
arrangement; and
ii. commencement of trade on Tuesday, 24 May 2016;
h. it is not aware of any reason why the securities should not be suspended; and
i. is not aware of any other information necessary to inform the market about the suspension.
Yours faithfully
E L (Lee) Boyd
Company Secretary
Firestone Energy Limited
26 April 2016
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