Shuka Minerals reports further delay in funding for Kabwe zinc mine acquisition
Aim- and AltX-listed Shuka Minerals has reported another delay in the release of funds needed to complete its planned acquisition of Leopard Exploration and Mining (LEM) and the Kabwe zinc mine, in central Zambia.
The company said on October 16 that Gathoni Muchai Investments (GMI) had informed it that the remittance of funds, which forms part of the increased loan agreement entered into on June 30, has been delayed again while GMI completes alternate arrangements to expedite payment to the company.
The funds are intended to cover the outstanding $1.35-million cash consideration owed to the LEM vendors.
However, Shuka noted that payment was now in process.
Shuka said it expects the funds to clear into its bank account next week. Once received, the company will proceed with completing the acquisition of LEM and the Kabwe mine.
Shuka said completion of the transaction will follow payment of the remaining cash consideration to the vendors, the issue of consideration shares and additional warrants, along with the formal transfer of LEM shares to Shuka.
“The LEM vendors remain supportive of progressing to completion of the acquisition,” the company said.
Shuka reiterated that it remains committed to finalising the LEM transaction using the non-dilutive and favourable terms available under the GMI facility.
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