HomeEnergy MineralsFirestone negotiates US$2.2 million loan

Firestone negotiates US$2.2 million loan

Johannesburg, South Africa — 23 March 2012 – Firestone Energy “’ an independent, Australian exploration and development company which is listed on the Australian Stock Exchange and the JSE “’ has revealed that it has negotiated a short-term debt facility of US$2.2 million.

“The facility is for general corporate purposes to provide working capital to the company, pending execution of the revised Eskom MoU, and while it is negotiating an offer recently received from Tata Power,” read a company statement quoted by Miningmx.

“The proceeds will not be used to repay existing indebtedness or for other payments to security holders. The facility is being provided by holders of Firestone’s convertible notes.

“Funding is available by monthly instalments against an issue of shares pursuant to a share purchase agreement, which will be documented by the end of this month,” the statement added.

Source: Miningmx. For further details click here.