[miningmx.com] – FIRESTONE Energy, the Johannesburg Stock Exchange firm in which Australia’s Waterberg Coal Company has control, said it had raised $5m from a private investment company Four Oaks Credit Fund, for its Waterberg Joint Venture project.
The $5m loan, which has been provided in convertible notes, converts into Firestone Energy shares at seven South African cents. The notes carry a 6% interest rate and convert in November 2016.
“The company is pleased to have the support of Four Oaks Credit Fund Limited to
enable it to progress the Company’s Waterberg Coal Project Joint Venture.
WCC is hoping to have a coal supply agreement ratified with Eskom for its Waterberg Joint Venture in early 2015.
