12th Jun 2025 07:44
(Alliance News) - Shuka Minerals PLC said on Thursday it expects to wrap up its takeover of Leopard Exploration & Mining Ltd this month after clearing all conditions.
The Africa-focused mine operator and developer noted that it had on Wednesday received approval from Commissioners of the Competition & Consumer Protection Commission, paving way for Shuka to acquire Zambian mining and exploration company Leopard Exploration, which owns the Kabwe Zinc Mine located in central Zambia.
Shuka also said it has agreed terms on a GBP1.5 million non-dilutive and unsecured facility to provide funding for the USD1.4 million balance of cash consideration due to the Leopard Exploration vendors.
In addition, Shuka said it has agreed to change in the terms of the share purchase agreement, signed in December last year. In terms of the amended agreement, the principal Leopard Exploration vendors have agreed that the share consideration for the acquisition, amounting to USD3.0 million, will be settled through the issue of 28.6 million new Shuka shares.
These new shares will represent 29.9% of Shuka's enlarged issued share capital.
Shuka said it has agreed to issue Leopard Exploration with a further 2.0 million warrants, with an exercise price of 12.5 pence and expiry date of December 31, 2027.
The company and the Leopard Exploration vendors have agreed to extend the completion date of the acquisition to no later than June 30.
By Artwell Dlamini, Alliance News reporter
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