Microsoft Word - FSE Request to ASX for Ext to Vol Susp to 24 Aug 2015 - 7augl15


7 August 2015
ASX Limited
Level 40 Central Park
152 - 158 St George's Terrace
PERTH WA 6000
Attn: Ben Tippett By email: tradinghaltsperth@asx.com.au
Dear Ben
Request for Voluntary Suspension - Firestone Energy Limited
Firestone Energy Limited (FSE) hereby requests an extension to its voluntary suspension in the trading of its securities which is due to expire pre-open on 10 Augusty 2015.
In accordance with ASX Listing Rule 17.2, FSE advises that:
(a) it is seeking the extension to the voluntary suspension to allow time for its parent company, The Waterberg Coal Company Limited (WCC), to finalise a proposed third party funding arrangement to replace its existing funding arrangement (Facility) with Standard Bank of South Africa (SBSA), which was due for repayment on 9 April 2015 (as announced on 17 March 2015).
(b) the replacement funding represents a significant transaction and the final terms of the proposal will impact FSE's ability to carry out its future objectives;
(c) WCC has advised that completion of discussions and execution of term sheet documentation is now imminent;
(d) WCC has advised that SBSA will maintain the Facility as "on demand", rolling daily basis to give the discussions time to progress;
(e) FSE is of the view that re-instatement of trading for its securities at this time is likely to be materially prejudicial to WCC's ability to successfully complete the complex funding transaction contemplated which is critical to both WCC's and FSE's financial viability.
(f) it expects the voluntary suspension to remain in place until the earlier of:
(i) the date that it has made an announcement in respect of WCC's proposed funding arrangement; and
(ii) commencement of trade on 24 August 2015;
(g) it is not aware of any reason why the securities should not be suspended; and
(h) is not aware of any other information necessary to inform the market about the suspension. Yours faithfully

E L (Lee) Boyd Company Secretary Firestone Energy Limited

Firestone Energy Limited (ABN 71 058 436 794)

Registered Office: Level 2, 1 Walker Avenue, West Perth, Western Australia 6005

Postal Address: PO Box 8136, Subiaco East, Western Australia 6008

T: +61 8 9485 0888 F: +61 8 9485 0077

distributed by