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The funds will go towards Stonewall’s ambition to become a gold producer in South Africa next financial year.
The funds can be converted into equity at a price of 1.9c per share at Lind’s election.
Lind previously provided funding for Stonewall in 2015 according to Stonewall director Richie Yang.
According to marketing last month, Stonewall want to initially produce at a 25,000-50,000 ounces per annum run-rate, before increasing output to over 100,000ozpa.
The first stage is expected to cost $US15 million to implement.
Stonewall was supposed to have been bought out by a Chinese company for $141 million earlier this decade but the transaction fell over. Subsequent legal proceedings saw a court ruling in Stonewall’s favour and an order for the Chinese company Shandong to pay $12 million.
Shares in Stonewall were unchanged at A1.6c in late trade following the new funding announcement, with the company capitalised at about $30 million at that price.
Other Lind funding ventures involving ASX companies include its backing of Northern Minerals. The firm’s advisors include Gina Rinehart’s son John Hancock.
