Shuka Minerals PLC Proposed CLN drawdown and financial position
August 20 2024 - 2:43AM
RNS Regulatory News
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
Noel Lyons - CEO
|
+44 (0) 7912 514 809
|
|
Strand Hanson
Limited
Financial and
Nominated Adviser
James Harris | Richard Johnson
|
+44 (0) 20 7409 3494
|
|
Tavira
Securities Limited
Joint
Broker
Oliver Stansfield | Jonathan Evans
|
+44 (0) 20 7100 5100
|
|
Peterhouse Capital
Limited
Joint
Broker
Charles Goodfellow | Duncan Vasey
|
+44 (0) 20 7469 0930
|
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END
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