2 December 2024
Shuka Minerals Plc
("Shuka" or the
"Company")
Loan Funding and Update on Board
Changes
Shuka Minerals Plc (AIM: SKA), an African
focused mine operator and developer, announces that the
Company has entered into an agreement with Gathoni Muchai
Investments Limited ("GMI"), its second largest shareholder,
for an unsecured, interest-free and non-convertible loan of
£500,000 (the "GMI Loan").
An initial advance of £150,000 is being made
immediately by GMI and will be applied to settle certain creditor
balances and for general working capital purposes. GMI have
confirmed further advances of the outstanding loan amount will be
available during December 2024.
Notwithstanding the provision of the GMI Loan,
until such time as the balance of the funds have been drawn, the
Company remains reliant on its ability to continue to manage its
creditors.
Board Changes
Update
Further to the Company's announcement on 30 September
2024, discussions and regulatory due diligence processes are at an
advanced stage on a number of proposed new Board appointments.
and the Company looks forward to updating the market in due
course. In the interim, Noel Lyons, Paul Ryan and Dr Allen Zimbler
have been asked, and agreed, to continue on the Board.
Related Party
Transaction
GMI are a substantial shareholder in the Company.
Consequently, the GMI Loan constitutes a related party transaction
as defined by Rule 13 of the AIM Rules for Companies. The Directors
of the Company, all of whom are independent of GMI, having
consulted with the Company's nominated advisor, Strand Hanson
Limited, consider the terms of the GMI Loan to be fair and
reasonable insofar as the Company's shareholders are concerned.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.
For Enquiries:
|
Shuka Minerals
Plc
Noel Lyons - CEO
|
+254 (0)743 303075
|
|
Strand Hanson
Limited
Financial and Nominated Adviser
James Harris | Richard Johnson
|
+44 (0) 20 7409 3494
|
|
Tavira Securities
Limited
Joint Broker
Oliver Stansfield | Jonathan Evans
|
+44 (0) 20 7100 5100
|
|
Peterhouse Capital
Limited
Joint Broker
Charles Goodfellow | Duncan Vasey
|
+44 (0)20 7469 0930
|
|
Investor
Relations
Faith Kinyanjui Mumbi
|
+254 (0)743 303075
|
