Shuka Minerals Plc said it converted a £796,439 portion of its convertible loan into equity, issuing 19,910,977 new ordinary shares at 4 pence each.
The London-listed miner also granted warrants entitling holders to subscribe for an additional 19,910,977 ordinary shares at 8 pence per share, exercisable until July 20, 2029. The transaction follows the assignment of the loan to strategic, South Africa-based investors announced on Sept. 1.
Following the conversion, Shuka’s issued share capital rose to 163,673,474 ordinary shares, each carrying one voting right and no treasury shares. The new shares are expected to begin trading on the AIM market at 8:00 a.m. on or around Sept. 8.
Richard Lloyd, chief executive officer, said the conversion reflects growing regional investor interest in smaller mining companies. "It is encouraging to add further supportive shareholders who share the Shuka vision and path forward," he said. "As South African-based investors, it demonstrates the regional desire to be involved in smaller mining companies as shareholders."
Shuka Minerals operates as a mine operator and developer with a focus on Africa.
