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Shuka Minerals PLC said on Wednesday it has agreed to settle the balance of its acquisition of Leopard Exploration & Mining Ltd in Zambia. The Africa-focused mine operator and developer stated that it will make payments to LEM vendors through a number of proportionate tranches. Early last week, Shuka received the initial $300,000 tranche from Gathoni Muchai Investments Ltd. Early in July, Gathoni Muchai agreed to increase its loan to Shuka by £1.5 million to £2 million to help complete the acquisition of LEM. With the initial tranche, 6.4 million consideration shares will be issued to the LEM vendors, at an equivalent 7.935 pence per share, to settle the $666,667 pro rata consideration for the $3.0 million share component of the deal, together with 444,444 consideration warrants. The LEM vendors will concurrently transfer 1,234 LEM shares to Shuka, giving the company an initial effective position of 22.2% in LEM. Further tranches will be paid to LEM vendors following receipt by Shuka of funds from Gathoni Muchai until Shuka’s interest in LEM has reached 49.9%. A final tranche will comprise the balance of the acquisition cash, share and warrant consideration to acquire 100% of LEM. Under the agreement, completion of all tranches shall occur by no later than December 31, 2025. Shares in Shuka rose 5.6% to 4.75 pence on Wednesday afternoon in London, but they were flat at R 1.32 in Johannesburg. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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