Shuka Minerals (SKA.L) conditionally raised 750,000 pounds sterling after Menel Energy and Resources subscribed for 18,750,000 new shares of the company at 0.04 pound per share.
Subject to the completion of the subscription, the Africa-focused miner will grant Menel warrants to subscribe for up to an additional 18,750,000 shares at an exercise price of 0.08 pound per share, exercisable until July 8, 2029.
Further, the Africa-focused miner amended the terms of a shareholder loan with Gathoni Muchai Investments to extend the maturity date to Dec. 31, 2027.
The proceeds will be used to make repayments under the Gathoni Muchai Investments loan, for the drilling program at Kabwe, Zambia, and for general working capital purposes.