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Stonewall Resources strengthens balance sheet and appoints new chairman

The company's flagship asset is its TGME Gold Project in South Africa.

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A JORC resource upgrade for Theta Hill is expected this month

Stonewall Resources Ltd (ASX:SWJ) has appointed Bill Guy, who was first appointed to the board as a director in March this year, as chairman of the board.

Guy is a professional geologist with over 25 years’ experience in exploration and resource development in Asia, Australia, and Europe.

His appointment is part of Stonewall’s strategy to develop a strong technical board.

Guy’s most recent appointment was as managing director of Longford Resources Ltd (ASX:LFR).

READ: Stonewall Resources closes in on updated resource at Theta Hill

Stonewall’s chairman Bill Guy said: “Stonewall’s exploration ground position and current resource base are unique for a junior explorer.

“I was attracted by the geology and the scalability of the project. The multiple flat lying high-grade gold seams offer excellent drill targets.

“The lack of modern exploration in goldfields this size would simply not happen in Australia.

“Stonewall is at the beginning of exploring a long life asset with numerous historical mines untested by drilling.”

Stonewall gets rid of more debt from its balance sheet

Stonewall has also retired $4.6 million of debt in the past 12 month, which is part of the company’s balance sheet repair strategy.

The debt was in the form of a convertible note held by Tasman Funds Management, who elected to convert the note to shares.

Stonewall issue 251.4 million shares to settle the note, which are subject to voluntarily escrow for 12 months through to 4 September 2019.

Guy added: “I am pleased to inform shareholders that the Tasman convertible note retired this week, significantly strengthening the company’s financial position.”

Quick facts: Theta Gold Mines Ltd

Price: 0.165 AUD

ASX:TGM
Market: ASX
Market Cap: $72.06 m
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Theta Gold Mines successfully enters subscription agreements for $8 million

Theta Gold Mines Ltd (ASX:TGM) chairman Bill Guy updates Proactive Investors on the release of a positive feasibility study for the Theta project to support further exploration on the large historical goldfield in South Africa The company also has completed a capital raising with subscription...

on 12/8/19

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