Shuka Minerals Plc has provided an update on the financing arrangements for its proposed acquisition of Leopard Exploration and Mining Limited (LEM) and the Kabwe Zinc Mine.
The company reported that Gathoni Muchai Investments Limited (GMI) has informed Shuka that the remittance of funds for the US$1.35 million balance due to the LEM vendors has been further delayed. However, GMI has confirmed that payment is now in process and is expected to clear into Shuka’s account next week.
The LEM vendors remain supportive of completing the transaction, which will proceed once the cash consideration balance has been paid, the consideration shares and additional warrants have been issued, and the LEM shares have been transferred to Shuka.
Shuka Minerals reaffirmed its commitment to finalising the LEM acquisition through the existing GMI funding facility, describing the completion of the deal as a key strategic milestone in the company’s growth plans.
