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Firestone Energy second-stage financing postponed

4th March 2013

By: Idéle Esterhuizen

  

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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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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