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FSE
FSE
FSE - Firestone Energy Limited - Financial Restructure - Update
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")
Financial Restructure - Update
On 7 May 2012 the Board of Firestone Energy Limited (ASX/JSE: FSE) (the
"Company" or "FSE") advised shareholders of a major transaction involving a
financial restructuring of the Company and the introduction of a new strategic
investor at both an FSE and Waterberg project level.
To date the Company has made significant progress on the documentation of this
transaction. Given the complexity of the transaction and the fact that the
transaction requires multi jurisdictional approval, further time is required to
finalise the long form agreements.
It is now anticipated that a shareholders meeting will be held in late July
2012. The Company will up-date the market as soon as the long form agreements
are finalised.
Yours sincerely,
David Knox
Chief Executive Officer
www.firestoneenergy.com.au
Tel: Australia (+61 08 9287 4600)
South Africa (+27 11 706 3548)
About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and
development company listed on the Australian Stock Exchange Ltd (ASX) and the
Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint
Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has
acquired the right to 60% participation interests in the Waterberg Coal Project
located in Lephalale area, Limpopo Province, South Africa.
The first stage of the project is to develop the Smitspan mine which has a
substantial measured thermal coal resource and to develop the Vetleegte mine
which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and
energy producer at its projects in South Africa, thereby making a substantial
contribution to the social and economic development of the Lephalale area and
South Africa.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
3,114 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Linc Energy Ltd
BBY Nominees Pty Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
Mr Tim Tebeila (Chairman)
David Perkins (Deputy Chairman)
Dr Pius Kasolo
Ben Mphahlele
Kobus Terblanche
Officers:
Mr David Knox CEO
Mr Jerry Monzu Company Secretary
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (08) 9287 4600
Web: www.firestoneenergy.com.au
Pretoria
23 May 2012
Sponsor
River Group
Date: 23/05/2012 07:05:08 Produced by the JSE SENS Department.
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