Shuka Minerals Receives $300,000 Funding Tranche for Zambia Mine Acquisition
Shuka Minerals Secures Initial $300,000 from GMI to Advance Zambia Zinc Mine and Leopard Exploration Deal
Shuka Minerals, an AIM-listed mining company, has received an initial $300,000 funding tranche from its financing partner Gathoni Muchai Investments (GMI) as part of an expanded loan facility to support its planned acquisition of Leopard Exploration and Mining and the Kabwe Zinc Mine in Zambia.
The payment marks a key step toward completing the acquisition, which had been delayed due to funding holdups from GMI.
Under the revised financing arrangement, GMI has confirmed that the remaining funds required to fulfill the $1.35 million acquisition cost will be disbursed before the end of November.
Shuka Minerals stated that it will provide a further update once the transaction progresses.
SOURCE:miningweekly.com
