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Supreme Court sets aside demand for Stonewall to repay A$6.3M loan

The Supreme Court of New South Wales in Australia has ordered that the statutory demand received by Stonewall Resources Ltd., for the repayment of the loan and associated interest totaling about A$6.3 million, to be set aside.

The company received the statutory demand from Australian Private Capital Investment Group (International) Ltd., or APCIG, in mid-May.

Under the loan agreement, APCIG committed a A$5 million loan, but advanced only A$4 million, resulting in an agreement that the total principal and interest would accrue up to a limit of A$5 million.

The company said Aug. 14 that it will make the payment, comprising A$3.3 million cash and A$1.7 million in Stonewall shares, within seven business days of Stonewall receiving the arbitral award from Shandong Qixing Iron Tower Co. Ltd.