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FSE
FSE
FSE - Firestone Energy Limited - Cancellation of Nonbinding MOU (with Jindal
Steel and Power Limited)
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")
Cancellation of Nonbinding MOU
(with Jindal Steel and Power Limited)
On 4 February 2011 Firestone Energy (Firestone) (ASX/JSE: FSE) announced that
the shareholders of Sekoko Resources had approved the transfer of the properties
referred to as the "T3 Properties" to the Firestone/Sekoko Joint Venture.
In that announcement Firestone also referenced a related transaction pursuant to
which it and Sekoko had entered into a Nonbinding Memorandum of Understanding
with Jindal Steel and Power Limited. Proceeding with the contemplated
transaction would have meant an adjustment of the ownership interest in the T3
Properties.
In light of subsequent developments the Board of Firestone has determined that
it is in the Company`s best interests to concentrate its efforts on working with
its established joint venture with Sekoko Resources, rather than have Jindal
come in to the Joint Venture.
As a result, Firestone has confirmed that it will not be proceeding to negotiate
a definitive agreement pursuant to the Nonbinding Memorandum of Understanding.
Chairman David Perkins said "The primary focus of Firestone will continue to be
bringing the Smitspan project into production to supply coal offtake to Eskom
and developing the metallurgical coal deposit which we have identified on our
southern farms. It is anticipated the T3 properties will provide for a 3rd
phase of development for the Firestone/Sekoko Joint Venture."
Yours sincerely
Firestone Energy Limited
David Perkins
Chairman
www.firestoneenergy.com
About Firestone Energy
Firestone Energy is an independent Australian exploration company focused on
developing coal projects in South Africa. The company is currently exploring the
richly endowed Waterberg coal field in the Limpopo Province of South Africa.
The Company is committed to value-added growth through becoming an independent
coal and energy producer at its projects in South Africa.
The Company has entered into three joint ventures with Sekoko Resources, a South
African black economic empowerment company (BEE) and Sekoko has two directors on
the Board of Firestone Energy.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,793 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
BBY Nominees Ltd
Colbern Fiduciary Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
David Perkins (Chairman)
Dr Pius Kasolo
Colin McIntyre
Executive Directors:
Sizwe Nkosi
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
Pretoria
13 July 2011
Sponsor
River Group
Date: 13/07/2011 08:28:13 Produced by the JSE SENS Department.
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