Shuka Minerals PLC said on Friday it has completed its acquisition of Leopard Exploration & Mining Ltd in Zambia.
The Africa-focused mine operator and developer now owns and operates Leopard Exploration’s Kabwe zinc mine.
Shuka bought Leopard Exploration in a share-and-cash deal for $4.5 million and 2 million warrants.
‘It is a very exciting time for Shuka, and I am very pleased to advise that we have now completed the 100% purchase of Leopard Exploration and Mining, and with it, the world-class asset of the Kabwe Mine,’ Shuka Chief Executive Officer Richard Lloyd said in a statement on Friday.
The takeover comes after Shuka early this week said it would raise £3 million to help fund its projects in Zambia and Tanzania, and wrap up the Leopard Exploration transaction.
Shuka raised £1.0 million through the placing of 25.0 million new shares at 4 pence each. Shuka also said participants in the placing would be issued one warrant for each placing share, exercisable at 8p apiece, raising an additional £2 million.
The deal had run into delays after a loan from Gathoni Muchai Investments Ltd was held up.
Late in June last year, Gathoni Muchai agreed to increase its loan to Shuka from £1.5 million to £2 million.
Shares in Shuka were flat at R 1.10 on Friday morning in Johannesburg.
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