REG - Shuka Minerals PLC - Loan Funding and Update on Board Changes

Shuka MineralsAnnouncement

02/12/2024 07:00

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RNS Number : 2771O  Shuka Minerals PLC  02 December 2024

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                   +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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