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FSE
FSE
FSE - Firestone Energy Limited - Approval of Acquisition of Properties and
Jindal MOU
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")
Approval of Acquisition of Properties and Jindal MOU
Firestone Energy Limited, "Firestone" (ASX/JSE: FSE), wishes to announce that
its Joint Venture partner, Sekoko Resources, has approved in a General Meeting
the transfer of properties (T3 Properties) to the Joint Venture. This is the
transfer of the T3 Properties which was approved by FSE shareholders on 4
January 2011. As contemplated, 200 million shares in the company have been
issued to Sekoko.
FSE is pleased to announce a related transaction pursuant to which the
FSE/Sekoko joint venture has entered into a non-binding Memorandum of
Understanding (MOU) with Jindal Steel & Power Limited "Jindal".
The MOU establishes a framework for Jindal to negotiate a definitive agreement
to undertake an exploration and drilling program on the T3 Properties without
cost to FSE. At Jindal`s election it may require FSE and Sekoko to enter into a
joint venture to develop a mine on the T3 properties. If Jindal elects to
proceed with the development of a mine there will be an adjustment in the
ownership interests in the T3 properties.
Jindal Steel & Power Limited "JSPL" forms part of the Jindal Group. JSPL is a
leading player in Steel, Power, Mining, Oil and Gas and Infrastructure. In terms
of tonnage, they are the third largest steel producer in India.
Further details will be provided when a definitive agreement is entered into.
David J Perkins
Chairman
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,427 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Colbern Fiduciary Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers:
Non Executive Directors:
David Perkins (Chairman)
Dr Pius Kasolo
Colin McIntyre
Sizwe Nkosi
Peter Tshisevhe
Company Secretary
Jerry Monzu
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (0) 8 9287 4600
Web: www.firestoneenergy.com.au
Enquiries:
Firestone Energy Limited
+61 8 9287 4600.
David J Perkins
Chairman
Jerry Monzu
Company Secretary
Johannesburg
4 February 2011
Sponsor and Corporate Advisor
River Group
Date: 04/02/2011 08:01:01 Produced by the JSE SENS Department.
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