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Stonewall raising A$6.0M to fund feasibility study for Theta Hill gold project

Stonewall Resources Ltd. said Nov. 12 that it is poised to raise A$6.0 million from two share placements to fund the feasibility study for its Theta Hill gold project in South Africa and for general working capital.

The first agreement will see major shareholder Fineway Creation Ltd. subscribe for 166,666,667 fully paid shares at 0.9 cent apiece for A$1.5 million.

In the second deal, new investor Zenith (H.K.) Holding Ltd. will subscribe for 50 million shares in two tranches for A$4.5 million. The first tranche of A$2.5 million is due by Dec. 31 and covers 27,777,778 shares at 9 cents each, while the second tranche of A$2 million is due by Jan. 31, 2019, and includes 22,222,222 shares at the 20-day volume weighted average price. Both tranches are conditional on a 10-for-1 share consolidation being approved at the company's annual general meeting on Nov. 30.

Stonewall Resources plans to rebrand as Theta Gold Mines Ltd. to reflect its focus on the Theta Hill project, which is pegged to produce an average of 67,000 ounces of gold per year over a mine life of 7.6 years, according to a scoping study.