REG - Shuka Minerals PLC - Proposed CLN drawdown and financial position

Shuka MineralsAnnouncement

20/08/2024 07:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240820:nRST0775Ba&default-theme=true

RNS Number : 0775B  Shuka Minerals PLC  20 August 2024

20 August 2024

Shuka Minerals Plc

("Shuka" or the "Company")

 Proposed CLN drawdown and financial position

Shuka Minerals Plc (AIM: SKA), an African-focused mine operator and
developer, provides the following update:

The Company has served an initial drawdown notice, for £500k for general
working capital purposes, pursuant to the £2m unsecured convertible note
instrument ("CLN") entered into on 24 May 2024 with AUO Commercial Brokerage
LLC ("AUO").  AUO has advised the Company that its investment capital is
currently tied up in ongoing transactions which have taken longer to conclude
than they initially anticipated, and accordingly it does not  have access to
the requested initial CLN drawdown funds.

AUO is a UAE based investment house focused on enabling African commodities
through strategic investments, which is led and majority owned by Quinton Van
Der Burgh, the Company's Chairman.

AUO has advised the Company that it remains committed to its obligations under
the CLN and is endeavouring to raise the necessary funding in the short term
to satisfy the initial drawdown, although it has not been able to provide an
indication on timing for such funds being made available. In addition, AUO has
reiterated its commitment to supporting the Company's future endeavours and
financial needs to support the ongoing business and obligations of the
Company.

The Company currently has limited  cash at bank and continues to carefully
manage its resources and creditors. Assuming it is able to continue to manage
creditors, it expects to have sufficient funds available to the end of October
2024.

While there can be no guarantee that the requested funds will be provided by
AUO, discussion with AOU is ongoing and a further update on this process will
be made in due course.

 

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.

 

Enquiries:

 

 Shuka Minerals Plc                   +44 (0) 7912 514 809

 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

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSEESMSELSELA