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Stonewall Resources raising funds for South African gold projects

Funds from the capital raising could be used for refurbishment and exploration.

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The company is aiming to grow its South African gold resource base of 700,000 ounces

Stonewall Resources (ASX:SWJ) shares been placed in a trading halt pending the release of information regarding a capital raising.

The trading halt will remain in force until the earlier of commencement of normal trading on Wednesday, January 24, 2018 or the release of details regarding the capital raising.

Stonewall has a resource base of 700,000 ounces of gold across its South African projects.

Financing could be applied to a mix of infrastructure development and exploration

The next 12 months is expected to be a year in which it performs background work for future production as well as conducting exploration.

Regards the former, the company plans to work towards establishing infrastructure at its TGME project required to produce at a rate of 100,000 ounces per annum.

Exploration will continue at its Columbia Hill Project, also in Africa, which could be assisted by additional financing.

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ASX:TGM
Market: ASX
Market Cap: $78.61 m
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