Firestone says restated investment agreement terminated
JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed Firestone Energy has indicated that its restated investment agreement with Ariona, BBY Nominees and Jaguar Funds Management had been terminated after negotiations to resolve a revised date for second-stage completion under the terms of the agreement had failed.
The restated investment agreement formed part of Firestone Energy’s financial restructuring and the revised date for second-stage completion was initially expected to occur on March 28.
However, Firestone stated that it was continuing discussions with the parties concerning alternative arrangements and was considering funding from alternative sources.
The company expected to be able to provide an update on the outcome of these negotiations by mid-April and had requested to remain in voluntary suspension until that time.
Firestone retained the use of the share purchase agreement signed on April 26 last year between it and BBY Nominees. This A$2.2-million facility may be drawn down upon to meet the company’s short-term funding needs.
In February, Firestone sold 27.15-million new convertible notes to Ariona for A$5-million in cash in the first-stage settlement of its financial restructuring.
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