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Stonewall Resources granted trading halt ahead of capital raising

The company's focus is on the Theta Hill open-pit gold project in South Africa.
glasses on white piece of paper that says 'raising capital'
Shares in the company last traded at 0.9 cents before being halted

Stonewall Resources Ltd (ASX:SWJ) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of normal trading on Monday, November 12, or when the announcement is released to the market.

READ: Stonewall Resources to consolidate shares and change its name to Theta Gold Mines

In mid-October 2018, Stonewall received positive scoping study results from Theta Hill which has a shallow, high-grade resource of 4.5 million tonnes at 4.14 g/t gold for 600,000 ounces.

Theta Hill is a near-term open-pit gold mine opportunity and the resource has been estimated within the confines of an open pit shell with a maximum depth of 100 metres.

The scoping study indicates a net present value (NPV) of US$152 million, 7.6-year mine life operation, capital cost of US$16 million and gold production of 67,000 ounces per year.

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