Shuka Minerals confirms December funding for Zambian acquisition
Aim- and AltX-listed Shuka Minerals has announced that it will receive the remaining funds required to complete its acquisition of Leopard Exploration and Mining (LEM) and the Kabwe zinc mine in central Zambia, this month, slightly later than initially expected.
The company said on December 1 that, while it had already settled the initial tranche of the acquisition consideration, giving it a 22.2% stake in LEM and the Kabwe mine, further payments from Gathoni Muchai Investments (GMI) were now expected in December rather than November as originally planned.
These payments, under an increased loan agreement entered into on June 30, are intended to increase Shuka’s interest in LEM to 49.9%. A final tranche will comprise the balance of the cash, shares, and warrant consideration to acquire 100% of LEM, with all tranches scheduled to be completed by December 31.
GMI had previously expected to make payment of the $1.05-million balance of cash consideration due to the LEM vendors by the end of November. However, the investment firm now anticipates payment of both the acquisition balance and the remaining £450 000 under the increased loan this month.
"The company remains in regular contact with GMI regarding the status of funds due and its expectation is that the balance of the £2-million GMI loan facility will be paid to the company by mid-December," Shuka Minerals said.
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