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Australia : Stonewall Resources completes 20 million-share placement.

Stonewall Resources Ltd. said Dec. 27 that it completed a placement of 20 million shares to a sophisticated investor at an issue price of 20 Australian cents per share.

The funds raised will be used to assist with the company's working capital requirements, including those of its South African subsidiary Stonewall Mining Pty Ltd. until the completion of its transaction with Shandong Qixing Iron Tower Co. Ltd.

Under the share sale agreement, which will see Stonewall Resources sell its shares in the said subsidiary to Shandong, all loans made to Stonewall Mining will be repaid 90 days after the completion of the US$142 million transaction.

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Publication:Mena Report
Date:Dec 31, 2013
Words:119
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