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Stonewall Resources outlines revised SPP timeline for South African gold

The new funds will be used to advance the company's gold assets.
Stonewall Resources outlines revised SPP timeline for South African gold
The SPP will open on the 23rd October 2017

Stonewall Resources Ltd (ASX:SWJ) is set to lift its cash balance through a Share Purchase Plan (SPP) to advance its South African gold assets.

The company has revised the timeline of the SPP, and a prospectus with all of the details will be dispatched on the 23rd October 2017.

The offer will open the same day as the prospectus is sent to eligible shareholders, and is scheduled to close on the 23rd November 2017, with shares to be issued a week later.

Use of funds

The funds raised will be applied towards the pre-feasibility study for the Rietfontein Gold Mine, as well as drilling across multiple projects.

Stonewall's core focus is the TGME project, which is located in a gold-rich region and has historical production records.

TGME has an existing CIL plant which is under refurbishment, and the nearby mines such as Rietfontein provide the pathway to gold production potentially in 2018.

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