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Halt on action - Firestone tells shareholders

15th February 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) - Takeover target Firestone Energy has again advised shareholders to hold off on taking action regarding the takeover offer from fellow-listed Range River Gold.

The South Africa-focused coal miner said that it would respond to the takeover offer in due course.

In December, Range River offered Firestone shareholders one of its own shares for every two Firestone shares held in an unsolicited, conditional, off-market takeover.

The offer represented a 25% premium on the $0.008 a share as at closing on December 13, 2012.

Firestone holds 60% in the Waterberg coal project, which contains some 258-million tons of resource, and would produce 120-million tons of coal for use in domestic power stations.

Edited by Creamer Media Reporter

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