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FSE
FSE
FSE - Firestone Energy Limited - Convertible Note Issue and Renewal of
Cautionary Announcement
FIRESTONE ENERGY LIMITED
(formerly Centralian Minerals Limited)
(Registration number: ABN 058 436 794)
(SA company registration number: 200/023973/10
Share code on the JSE: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
("FSE" or "the Company")
CONVERTIBLE NOTE ISSUE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
CONVERTIBLE NOTE ISSUE
The board of directors of FSE announces that the Company has agreed to issue
500,000 Convertible Notes with a face value of $1.00 each to the provider of
recently advanced loan funds (in substitution for the loan). The issue will be
made under the Company`s 15% placement capacity, for ongoing working capital
requirements.
The material terms of the convertible notes will be as follows:
(a) Repayment Date - 24 months from 18 March 2009;
(b) Interest Rate - 15% p.a. on any unconverted amount of the Notes as at the
Repayment Date. If the Notes are converted prior to the Repayment Date, 15%
p.a. pro-rata to conversion date with a minimum interest amount of $45,000;
(c) Conversion Terms - convertible at the election of the holder at any time.
On conversion, the holder will be issued shares at an issue price being the
greater of 80% of the 14 day volume weighted average price on ASX for the
shares prior to the Conversion Date and 1 cent ($0.01) per share;
(d) Prepayment - the Company may repurchase the Notes at any time by paying
accrued interest up to the date of repurchase;
(e) Security - the Notes will be secured by way of a fixed and floating charge
over the assets of the Company;
(f) Covenants/Representations - the Company has provided covenants and
representations which are considered to be on ordinary commercial terms.
It is expected that the convertible notes will be issued in the next seven days.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement dated 30 March 2009 shareholders are
advised that negotiations are still in progress which, if successfully concluded
may have a material effect on the price of FSE`s securities.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the company`s securities until a further announcement is made.
For further information please refer to the website: www.asx.com, Company share
code FSE.
Contact details:
Tel: +61 (0)8 9381 2755 Garth Higgo (CEO)
Pretoria
12 May 2009
Sponsor
River Group
Tel: +27 834 408 365 Andrew Lianos
Date: 12/05/2009 09:21:01 Produced by the JSE SENS Department.
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