Update of financing for Kabwe transaction
Shuka Minerals Plc announced an update on the financing for its proposed acquisition of Leopard Exploration and Mining Limited and the Kabwe Zinc Mine. Gathoni Muchai Investments Limited (GMI) informed Shuka Minerals that the remittance of funds for the $1.35 million balance due to the LEM vendors has been further delayed, although GMI has stated that payment is now in process and expected to clear into the company's account next week. The LEM vendors remain supportive of completing the acquisition, which will occur after the cash consideration balance is paid, consideration shares and further warrants are issued, and LEM shares are transferred to Shuka. The company remains committed to finalizing the LEM transaction utilizing the GMI facility.
Select text to share a quote on X · sign in to keep highlights & notes in your SKA notes
Further to its announcement on 30 September 2025, Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, provides an update on the financing for the Company's proposed acquisition ("Acquisition") of the Zambian mining and exploration company, Leopard Exploration and Mining Limited ("LEM") and the Kabwe Zinc Mine ("Kabwe Mine") located in central Zambia.
Gathoni Muchai Investments Limited ("GMI") informed the Company that remittance of funds, pursuant to the increased loan entered into on 30 June 2025 and to be used by the Company to satisfy the $1.35m balance of cash consideration due to the LEM vendors, has been further delayed while GMI completes the alternate means to expedite payment to the Company. However, GMI has informed the Company that payment is now in process. The Company currently expects that the funds will be cleared into the Company's bank account next week.
The Company remains committed to finalising the LEM transaction utilising the non-dilutive and favourable terms available under the GMI facility.
A further announcement will be made in due course.
Capitalised terms in this announcement have the same meaning as in the Company's announcement 4 September and 18 September 2025, unless otherwise defined.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.