JOHANNESBURG (miningweekly.com) – ASX-listed Waterberg Coal Company (WCC) has acquired 45.88%, or 1.63-billion shares, of dual-listed Firestone Energy.
The Australian company on Friday announced that its takeover offer for 1.48-billion ordinary shares in Firestone had closed, resulting in WCC acquiring 32.36% of the coal producer.
WWC, which last week became the 105th company to list on the AltX, also acquired 480-million Firestone shares from its 25%-owned subsidiary Sekoko Resources outside of the takeover offer, representing a further 13.52% interest in Firestone.
WCC, formerly known as Range River Gold, offered Firestone shareholders 1.25 of its own shares for every two Firestone shares held, up from its initial December 2012 offer of one of its own shares for every two Firestone shares held when it first launched its hostile takeover bid for Firestone at the end of last year.
The Australian company plans to develop coal tenements in the Waterberg region of Limpopo, which contains 40% of South Africa’s remaining coal resource, during the first quarter of 2015 through its interest in the Waterberg project.