IN BRIEF: Shuka Minerals assigns Gathoni loan to CEO, Aussie investor
Shuka Minerals PLC - Africa-focused mine operator and developer - Agrees to an assignment by Gathoni Muchai Investments Ltd of the remaining portion of the Gathoni convertible loan amounting to GBP163,334 to an Australian mining investor and to Shuka Chief Executive Officer Richard Lloyd. The assignment of GBP63,334 of the loan to the Australian investor will be converted into up to 1.6 million new Shuka shares at 4 pence each. The assignment of GBP100,000 of the loan to Lloyd will be converted into up to 2.5 million shares. Both the investor and the CEO intend to convert the loan shortly after completing the assignment. Shuka says it will grant them warrants to subscribe for up to a further 4.1 million new shares at 8p.
The latest development comes after Shuka early this month said it had agreed to an assignment by Gathoni of a portion of the Gathoni convertible loan to four South African strategic investors. The assignment of about GBP800,000 gross of the loan enabled new investors to convert up to 20.0 million new shares at 4p apiece.
Current stock price in London: 3.35p, up 4.7% on Friday
12-month change: down 11%
Current stock price in Johannesburg: 80 rand cents
12-month change: down 28%
By Artwell Dlamini, Alliance News senior reporter South Africa
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