[miningmx.com] — FIRESTONE Energy said on Thursday it has negotiated a short-term debt facility of $2.2m.
“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
the offer recently received from Tata Power,” read a company statement.
“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.”
