Conversion of Loan & Issue of Equity
Shuka Minerals Plc has announced the conversion of £796,439 of the GMI Convertible Loan into 19,910,977 new ordinary shares at 4 pence per share, with strategic investors receiving these shares. In conjunction with this conversion, the company has also granted warrants to subscribe for an additional 19,910,977 ordinary shares at an exercise price of 8 pence per share, exercisable until July 20, 2029. Following the admission of these new shares to AIM, expected around September 8, 2026, Shuka Minerals' total issued share capital will be 163,673,474 ordinary shares.
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Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, announces that, further to its announcement of 1 September 2026, it has received conversion notices from the strategic investors to whom part of the GMI Convertible Loan (the "Loan") was assigned (the "Investors").
The Investors have elected to convert all of the Loan that was assigned to them being an aggregate principal amount of £796,439 into 19,910,977 new ordinary shares of £0.01 each in the capital of the Company (the "Conversion Shares"), at the agreed conversion price of 4 pence per Conversion Share.
In accordance with the terms of the Loan, the Company has also granted the Investors warrants to subscribe for an aggregate of 19,910,977 new ordinary shares at an exercise price of 8 pence per share. The warrants are exercisable on or before 20 July 2029.
Admission and total voting rights
Application will be made to the London Stock Exchange for the Conversion Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Conversion Shares will commence at 8.00 a.m. on or around 8 September 2026. The Conversion Shares will rank pari passu in all respects with the Company's existing ordinary shares.
Following Admission, the Company's total issued share capital will comprise 163,673,474 ordinary shares, each carrying one voting right. The Company does not hold any ordinary shares in treasury.
Accordingly, the figure of 163,673,474 may be used by shareholders as the denominator for the calculations by which they determine whether 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.
Shuka Minerals CEO, Richard Lloyd, commented: "It is encouraging to add further supportive shareholders who share the Shuka vision and path forward. Welcome. As South African based investors it demonstrates the regional desire to be involved in smaller mining companies as shareholders. Hopefully it will encourage further volume on the JSE going forward."
The Directors of Shuka are responsible for the contents of this announcement.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.