RNS out18 Sep 2025 07:21
Shuka Minerals Plc
("Shuka" or the "Company")
Update on financing for Kabwe transaction
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.
Further to the Company's announcement on 4 September 2025, Gathoni Muchai Investments Limited ("GMI") has informed the Company that remittance of the funds, pursuant to the increased loan entered into on 30 June 2025, to be used to satisfy the $1.35m balance of cash consideration due to the LEM vendors, has experienced a further slight delay, while they complete alternate means to expedite payment. GMI have confirmed to the Company that they expect to resolve these matters prior to the end of September 2025. GMI have further confirmed to the Company their financial capacity to meet their obligations under the increased GMI loan facility.
The LEM vendors remain supportive of progressing to completion of the Acquisition, which will occur following payment to the LEM vendors of the balance of cash consideration and issue of the consideration shares and further warrants (as detailed in the Company's announcement on 1 July 2025 announcement), and the transfer of LEM shares to the Company.
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.
Sign In
Follow the stocks
