Receipt of funding for Kabwe transaction
Shuka Minerals Plc has received £815,000 from Gathoni Muchai Investments Limited under an increased loan, bringing the total drawn to £1.115m, with £385,000 remaining. The company is preparing to pay the remaining $1.05m cash consideration and issue 22,275,588 Consideration Shares, priced at 7.817 pence each and subject to a one-year lock-in, to the vendors of Leopard Exploration and Mining Limited and the Kabwe Zinc Mine. Application has been made for the Consideration Shares to be admitted to AIM trading on or around January 15, 2026, at which point the company's total issued share capital will be 95,498,639 ordinary shares.
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Further to its announcement earlier today, the Company has received payment of £815,000 from African focused investment banking and corporate finance group Gathoni Muchai Investments Limited ("GMI") pursuant to the increased loan ("GMI Loan") entered into on 30 June 2025. This brings the total funds drawn under the GMI Loan to £1.115m, with a further £385,000 remaining undrawn. The GMI Loan is unsecured, non-convertible and carries an interest rate of 5% per annum. A 3% establishment fee, as announced on 1 July 2025, will be settled in due course through the issuance of Shuka shares to GMI at a price of 8 pence per share.
The Company is arranging payment to the LEM vendors of the balance of the Acquisition cash consideration, being $1.05m, and issue of balance of the 22,275,588 Consideration Shares (as defined in the Company's announcement on 1 July 2025) and 1,555,556 Consideration warrants. The Consideration Shares are being issued at an effective price of 7.817 pence per share and are subject to a 1 year lock-in restriction.
A further announcement will be made on completion of the Acquisition, following which Shuka will own 100% of LEM and the world class Kabwe Mine.
AIM Application
Application is being made to the London Stock Exchange for the 22,275,588 Consideration Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Consideration Shares on AIM will commence at 8.00 a.m. on or around 15 January 2026.
Following Admission, the total issued share capital of the Company will be 95,498,639 ordinary shares, each with voting rights. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the FCA's Disclosure Guidance and Transparency Rules.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.