REG - Shuka Minerals PLC - Director's Grant of Warrants

Shuka MineralsAnnouncement

13/12/2024 12:15

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RNS Number : 0683Q  Shuka Minerals PLC  13 December 2024

13 December 2024

Shuka Minerals Plc

("Shuka" or the "Company")

Director's Grant of Warrants

Related Party Transactions

Further to the Company's announcement earlier today, Shuka Minerals Plc (AIM:
SKA), an African focused mine operator and developer, announces the following
issues of new Ordinary Shares and warrants.

Subject to completion of the Kabwe Mine Acquisition, Richard Lloyd, Chief
Executive Officer, will be granted 2,000,000 warrants to subscribe for new
Ordinary Shares ("Director Warrants"). The Director Warrants will have an
exercise price of 12.5p per share and will be valid for 3 years from grant.

Pursuant to the settlement agreements dated 30 September 2024 and subscription
letters signed today with Noel Lyons and Paul Ryan in respect of the
contractual sums due to them, Mr Lyons has agreed to receive 2,590,423 new
Ordinary Shares and 2,000,000 warrants to subscribe for new Ordinary Shares
("Warrants")in respect of £190,313.25 owing to him and Mr Ryan has agreed to
receive 2,423,313  new Ordinary Shares and 2,000,000 Warrants in respect of
£178,036  owing to him.  Dr Zimbler has also agreed today to receive
250,000 Warrants in compensation for the late payment of director fees due to
him and for services provided during the current month beyond his proposed
termination date at the end of November.  The above new Ordinary Shares are
being issued at a price referenced to the previous 30 business days' VWAP for
Ordinary Shares and the Warrants issued to Mr Lyons, Mr Ryan and Dr Zimbler
have an exercise price of 12.5p per share and are valid until 31 December
2027.

Related Party Transactions

The new Ordinary Share and Warrant issues constitute related party
transactions as defined by Rule 13 of the AIM Rules for Companies, as Mr
Lyons, Mr Ryan and Dr Zimbler were directors of the Company within the last 12
months. The Directors of the Company, having consulted with the Company's
nominated advisor, Strand Hanson Ltd, consider the terms of the share and
warrant issues to be fair and reasonable insofar as the Company's shareholders
are concerned.

AIM Application

Application will be made to the London Stock Exchange for 5,013,736 new
Ordinary Shares to be admitted to trading on AIM.  It is expected that
Admission will become effective and that dealings in the new Ordinary Shares
on AIM will commence at 8.00 a.m. on or around 19 December 2024.

On Admission, the Company's issued share capital will consist of 65,233,597
ordinary shares, each with one voting right.  There are no shares held in
treasury. Therefore, the Company's total number of ordinary shares and voting
rights will be 65,233,597 and this figure may be used by shareholders
following Admission as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.

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                   +254 (0)743 303075

 Noel Lyons - CEO

 Strand Hanson Limited                +44 (0) 20 7409 3494

 Financial and Nominated Adviser

 James Harris | Richard Johnson

 Tavira Securities Limited            +44 (0) 20 7100 5100

 Joint Broker

 Oliver Stansfield | Jonathan Evans

 Peterhouse Capital Limited           +44 (0)20 7469 0930

 Joint Broker

 Charles Goodfellow | Duncan Vasey

 Investor Relations                   +254 (0)743 303075

 Faith Kinyanjui Mumbi

 

 

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