Shuka receives initial tranche for proposed mining acquisitions
Aim-listed Shuka Minerals has received an initial tranche of $300 000 from its financing partner Gathoni Muchai Investments (GMI) under an increased loan facility for the financing of Shuka’s proposed acquisition of Zambian mining and exploration company, Leopard Exploration and Mining, and the Kabwe zinc mine, in Zambia.
As previously reported in Mining Weekly, this follows delays in completing the acquisition after delays in receiving the funds from GMI.
As previously reported, GMI has confirmed that the balance of the funds required to satisfy the $1.35-million consideration due under the acquisition will be advanced before the end of November.
Shuka says a further announcement will be made in due course.
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