20th Aug 2024 11:51
Shuka Minerals PLC - African-focused mine operator and developer - Shares nearly halve as it warns that it has sufficient cash in the bank only until the end of October. Shuka serves an initial drawdown notice for GBP500,000 of a GBP2 million unsecured convertible note instrument agreed with AUO Commercial Brokerage LLC back in May. However, AUO says its investment capital is tied up in other transactions that are taking longer than expected to conclude. Therefore, it doesn't have access to the funds requested by Shuka. AUO is a United Arab Emirates-based investment house owned by Shuka Chair Quinton Van Der Burgh. "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," Shuka says.
Current stock price: 4.37 pence, down 45% in London on Tuesday morning
12-month change: down 70%
By Tom Waite, Alliance News editor
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