Firestone Energy gains Linc Energy as a major shareholder
Firestone Energy (ASX:FSE) has received a filip by way of funding from cashed up Linc Energy (ASX: LNC) which has acquired a strategic stake in Firestone through a placement of ordinary shares.
In an endorsement of Firestone, Linc has acquired 150 million shares at $0.012 per share and will hold a 9.6% interest in Firestone after the placement.
Under the deal, Firestone has granted its Underground Coal Gasification (UCG), oil and gas rights over the tenements that are part of a JV between Firestone and Sekoko Resources.
The JV is known to have significant tonnages of coal ranging from higher value metallurgical coal, thermal coal for power generation and coal suitable for UCG.
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