Wrap Text
CCPC Final Authorisation / Acquisition Share Consideration & Funding Update / Extension to Complete Transaction
SHUKA MINERALS PLC
(formerly Edenville Energy PLC)
(Incorporated in England and Wales)
(Registration number 05292528)
("Shuka Minerals" or "the Company")
ISIN Code: GB00BN47NP32
AIM Share Code: SKA JSE Share Code: SKA
CCPC FINAL AUTHORISATION / ACQUISITION SHARE CONSIDERATION AND FUNDING UPDATE /
EXTENSION TO COMPLETE TRANSACTION
Further to its announcement of 4 June 2025, Shuka Minerals Plc (AIM: SKA), the African-focused mining
and exploration company, is pleased to confirm that it was informed yesterday that final authorisation has
been approved by the Board of Commissioners of the Competition and Consumer Protection Commission
("CCPC"), for the proposed acquisition of a 100% interest in Zambian mining and exploration company,
Leopard Exploration and Mining Limited ("LEM"), which owns the Kabwe Zinc Mine ("Kabwe Mine")
located in central Zambia (the "Acquisition").
Accordingly, upon receipt of the CCPC's final approval letter, all regulatory approvals will have been
received, and regulatory conditions precedent satisfied, in relation to the Acquisition.
The Company also notes that it has agreed terms on a £1.5 million non-dilutive and unsecured facility,
subject to completion of the Company's due diligence and signing of definitive funding documentation, to
provide funding for the $1.35m balance of cash consideration due to the LEM vendors.
Following receipt of the final regulatory approval noted above, the Company has agreed the terms of an
addendum to the share purchase agreement ("SPA"), notified on 13 December 2024, whereby the
principal LEM vendors have agreed that the share consideration for the Acquisition, being $3.0 million,
shall be settled on completion of the Acquisition through the issue of 28,640,042 new ordinary Shuka
shares ("Consideration Shares"), with no deferred consideration shares, equivalent to an issue price of
7.737p per share (being a 10% discount to an agreed reference price of 8.5965p under the terms of the
SPA), a significant premium to the current market price.
The Consideration Shares will represent, upon issue, 29.99% of the Company's enlarged issued share
capital.
As compensation for the issuance of the Consideration Shares upon completion, with no deferred
consideration shares, the Company has agreed to issue LEM with a further 2,000,000 warrants with an
exercise price of 12.5p and expiry date of 31 December 2027, subject to the LEM vendors not holding post
exercise, in aggregate, over 29.99% of the Total Voting Rights.
Consequently, to allow for the SPA addendum and funding documentation to be finalised, the Company
has agreed with the LEM vendors to extend the completion date of the Acquisition to no later than 30 June
2025.
Further updates will be made in due course.
Richard Lloyd, CEO, said:
"This is a huge milestone and one which the market, shareholders and all stakeholders in Shuka have been
waiting for. I must thank the entire team for their diligent efforts in getting us to this point, and we look
forward to completing this acquisition and thereafter progressing the Kabwe and Rukwa projects to realise
their full potential."
ENDS
About Shuka Minerals:
Shuka Minerals plc, is a dynamic and innovative mining and development company, committed to
exploring and harnessing Africa's mineral resources. Shuka's focus lies in the acquisition and development
of valuable minerals, aiming to contribute to the sustainable growth and development of local
communities.
Shuka has an operating coal mine in Tanzania, which capacity is under consideration for upgrading by
management depending on funding and strategic direction. Shuka is also considering projects in Zambia,
South Africa, and other African countries that are rich in copper, lead, and zinc.
The Company has signed a conditional Share Purchase Agreement, and subsequent addendum, with
Leopard Exploration and Mining Limited ("LEM") to acquire 100% of LEM's share capital. LEM is the
registered holder of a large-scale mining license 12848-HQ-LML issued in December 2014 for a period of
25 years, and which includes the historical Kabwe Zinc Mine ("Kabwe Mine") located in central Zambia,
approx. 110km north of the capital city of Lusaka.
The Kabwe Mine, was previously operated by Anglo American plc and Zambia Consolidated Copper Mines
Limited, and was mined continuously for 88 years until its closure in 1994, due to the then current
commodity prices. It was ranked as one of the world's highest-grade zinc and lead mining operations and
is considered one of the famous mines in Africa, holding a position of national economic importance in
Zambia.
The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United
Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of
the Market Abuse (Amendment) (EU Exit) Regulations 2019.
For Enquiries:
Shuka Minerals Plc +44 (0) 7990 503007
Richard Lloyd – CEO
Strand Hanson Limited +44 (0) 20 7409 3494
Financial and Nominated Adviser
James Harris | Richard Johnson
Tavira Securities Limited +44 (0) 20 7100 5100
Joint Broker
Oliver Stansfield | Jonathan Evans
Peterhouse Capital Limited +44 (0)20 7469 0930
Joint Broker
Charles Goodfellow | Duncan Vasey
Investor Relations +254 746 849 110
Faith Kinyanjui Mumbi
AcaciaCap Advisors Proprietary Limited +27 11 480 8500
JSE Sponsor
Michelle Krastanov
By Order of the Board
12 June 2025
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 12-06-2025 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
