IN BRIEF: Shuka Minerals loan raised to acquire Leopard Exploration

Shuka Minerals PLC - Africa-focused mine operator and developer - Says Gathoni Muchai Investments agrees to increase unsecured, interest-free and non-convertible loan by £1.5 million to £2 million. This extension covers the balance of the cash consideration of $1.35 million or £1.0 million due to vendors of Leopard Exploration & Mining Ltd, which is located in Zambia. The loan will also fund the initial exploration work at the Kabwe Mine, as well satisfy general working capital requirements. Says all conditions for the Leopard Exploration acquisition have now been satisfied. Repayment will start by June 30, 2026, it says.

Shuka also says it has agreed to change terms of the agreement with Leopard Exploration’s vendors. Shuka will now issue 28.6 million new shares to vendors at 7.737 pence each, ad will also issue a further 2.0 million warrants with an exercise price of 12.5p per share and expiry date of December 31, 2027.

Current stock price in London: 5.00 pence

12-month change: down 39%

Current stock price in Johannesburg: R 1.40, up 2.2%

12-month change: listed on JSE early last month

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