IN BRIEF: Shuka expects Gathoni loan balance this month after delay
Shuka Minerals PLC - Africa-focused mine operator and developer - Says it expects Gathoni Muchai Investments Ltd to pay the balance of its loan to Shuka this month, instead of November. The balance is about GBP450,000, Last month, Shuka received an initial tranche of USD300,000 from Gathoni Muchai under the increased loan facility. Early in July, Gathoni Muchai agreed to increase its loan to Shuka by GBP1.5 million to GBP2 million. The loan has been delayed several times due to administrative and regulatory matters in Kenya. Shuka says Gathoni Muchai has confirmed that the balance of the funds required to satisfy the USD1.35 million consideration due under the acquisition will be advanced before the end of this month. Read More