Firestone Energy second-stage financing postponed
JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed Firestone Energy Is currently in discussions in relation to the rescheduling of the second-stage financing to be provided by Ariona Company through the issue of new convertible notes (NCNs).
The second stage, which would see Ariona provide Firestone with a further A$12.5-million in exchange for new NCNs, was initially scheduled to occur on February 28.
The first-stage settlement, completed at the start of February, entailed Firestone selling 27.15-million NCNs to Ariona for A$5-million in cash.
The A$5-million comprised the additional A$600 000 in interim funding the company received and the drawdown from the original A$1-million working capital facility, which was rolled onto the NCNs.
The trading halt in Firestone's securities had also been lifted.
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