Deal with Ariona funds interest, redemption of existing convertibles
By Devika Patel
Knoxville, Tenn., July 25 - Firestone Energy Ltd. said it arranged a A$40.7 million 8% secured convertible note facility with Ariona Co. SA. This convertible replaces the current convertible notes held by the investor.
The notes will mature in four years and are convertible into ordinary shares at A$0.025 per share, a 150% premium to the A$0.01 closing price of the shares on July 24.
Proceeds will be used to redeem and pay interest on existing convertible notes, for working capital and for expenses.
The coal explorer is based in Subiaco, Australia.
| Issuer: | Firestone Energy Ltd.
|
| Issue: | Secured convertible note facility
|
| Amount: | A$40.7 million
|
| Maturity: | Four years
|
| Coupon: | 8%
|
| Conversion price: | A$0.025
|
| Warrants: | No
|
| Investor: | Ariona Co. SA
|
| Settlement date: | July 25
|
| Stock symbol: | Australia: FSE
|
| Stock price: | A$0.01 at close July 24
|
| Market capitalization: | A$26.63 million
|
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