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Firestone requests trading halt pending fin restructure announcement

28th February 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – JSE- and ASX-listed Firestone Energy on Wednesday requested a trading halt of its securities pending an announcement regarding the completion of its financial restructuring in accordance with an investment agreement entered into last year.

The coal miner expected to make an announcement on this on March 4.

In line with its investment agreement with Ariona Company, BBY Nominees and Jaguar Funds Management, Firestone earlier this month sold 27.15-million new convertible notes to Ariona in exchange for A$5-million in cash.
This was the first stage of the financial restructuring.

The second stage of Firestone’s financial restructuring, which had been expected to reach conclusion by February 28, would see Ariona provide Firestone with a further A$12.5-million in exchange for more new convertible notes.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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