To date, Stonewall has received $1.59 million of the application monies and has today issued circa 63.5 million shares.
The remaining $500,000 is expected to be received in July, at which time a further 20 million shares will be issued.
The funds raised will be primarily used to support the company’s ongoing development strategy at its Rietfontein and Beta mines within the TGME gold project in South Africa.
Stonewall will now advance discussions with drilling contractors on the planned resource definition drilling program for its flagship Rietfontein mine.
Stonewall holds a range of gold assets in a world-renowned South African gold mining region.
These assets include several surface and near-surface high-grade gold projects, providing cost advantages relative to other gold producers in the region.
Stonewall’s core project is TGME, located next to the historical gold mining town of Pilgrims Rest, in Mpumalanga Province located 95 kilometres from the province capital,Nelspruit.
The company recently completed the second part of its scoping study into a gold mine development within the TGME gold project.
The updated scoping study combines the Beta gold deposit with the fully permitted Rietfontein gold deposit and estimates a base case net present value (NPV) of US$166 million.
Following small scale production from 2012 – 2015, the company is currently focussing on the refurbishment of the existing CIL plant and nearby mines with the intention of resuming gold production in 2018.
Stonewall aims to build a solid production platform to over 100,000 ounces gold based primarily around shallow, aditentry hard rock mining sources.
The company has access to over 43 historical mines and prospect areas that can be accessed and explored.