Stonewall had entered into the convertible security funding agreement, with a face value of $2.52 million in January 2017.
Stonewall chairman Bill Guy said: “The company secured the 27-month loan facility from ASOF in January 2017 and I am pleased that it has been repaid ahead of time, in line with the new board policy of debt reduction.
“Together with the Tasman convertible note retired last month, this has furthered strengthened the company’s financial position.”
The ASOF convertible security was repayable in 24 equal monthly cash instalments of $130,000.
During 2017, the security was substantially reduced by cash repayments by Stonewall and voluntary conversions by Lind.
Lind voluntarily converted a total of $800,000 into shares in Stonewall at the fixed conversion price of 1.9 cents per share.
Stonewall retired $4.6 million of debt in the past 12 months, 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, which elected to convert the note to shares.
Stonewall issue 251.4 million shares to settle the note and these are subject to voluntarily escrow for 12 months through to September 4, 2019.
Stonewall is focused on developing underground and open pit mines within its flagship TGME project in South Africa.
As of August 2018, the project’s global resource totalled 34.7 million tonnes grading 4.62 g/t gold for 5.15 million ounces, of which 24% is in the measured and indicated categories.
The company aims to upgrade further resources to the indicated category ahead of converting the resources to ore reserve status for mining.