China's Shandong buys Aussie Gold miner Stonewall
Stonewall Resources shares gained 8.3 per cent, or one cent, to 13 cents following the acquisition announcement.
Continuing its gold quest abroad, Chinese firm Shandong has almost completed buying yet another Australian gold miner.
In a letter to Australian Securities Exchange, Stonewall Resources said Shandong had raised $300 million to acquire Stonewall Mining.
The Stonewall and Shandong are working closely together and are delighted to report that the work streams necessary to complete the acquisition are progressing well.
In particular, the parties are advancing the due diligence process, after which the attention will be focused on the drafting of final binding agreements.
Stonewall will continue to inform shareholders as to further progress being made over coming months.
Shandong has raised 2.4 Billion Yuan (approximately $300 million) through a Private Placement to seven (7) specific shareholders.
Shandong announced to its shareholders that the funds would be used to acquire two South African gold mining projects, fund and execute several identified expansion and enhancement projects relating to the South African acquisitions as well as provide working capital and liquidity.
Stonewall Resources chief executive Lloyd Birrell said Shandong's capital raising showed it valued Stonewall Mining's projects and were interested in lifting gold production.
The Chinese firm is also buying two South African gold mines, expanding existing projects and providing working capital.
Stonewall Resources shares gained 8.3 per cent, or one cent, to 13 cents following the acquisition announcement.
Sumber : Google
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