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Africa|Financial|Gold|PROJECT|Resources
Africa|Financial|Gold|PROJECT|Resources
africa|financial|gold|project|resources

Stonewall raises A$6m for Theta Hill study

12th November 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Stonewall Resources will raise A$6-million through a private share placement to fund the feasibility study of its Theta Hill gold project, in South Africa.

Shareholder Fineway Creation will subscribe for A$1.5-million in shares, representing some 166.6-million fully paid ordinary shares at a price of 0.9c each, while Chinese billionaire Mingliang Zhu will also subscribe for A$4.5-million in shares over two tranches.

The first tranche of shares will consist of more than 27.7-million shares, priced at 9c each, and will raise A$2.5-million, subject to Stonewall shareholders agreeing to a ten-for-one share consolidation.

The second tranche placement will raise a further A$2-million, and shares will be issued at a price equal to the 20-day volume weighted average share price immediately before the allotment of the Tranche 2 shares. Stonewall was expecting to issue some 22.2-million shares under the second tranche.

The funds raised will allow Stonewall to complete the feasibility study for the Theta hill opencut feasibility study and strengthen the company’s financial position.

A recent scoping study into the project has shown that it could support a production of 67 000 oz/y over an eight-year mine life, with capital costs for the project estimated at $16-million.

Edited by Creamer Media Reporter

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