LONDON - Shuka Minerals Plc (AIM: SKA), an African mine operator and developer, announced today the issuance of new Ordinary Shares and warrants to several directors as part of debt settlement agreements and as rewards for service. This follows the completion of the Kabwe Mine Acquisition and includes the grant of warrants to CEO Richard Lloyd.
Richard Lloyd is set to receive 2,000,000 warrants with an exercise price of 12.5p per share, valid for three years. Additionally, directors Noel Lyons and Paul Ryan have agreed to accept new Ordinary Shares and warrants in lieu of contractual sums owed to them, amounting to £190,313.25 and £178,036 respectively. Dr. Zimbler will also receive 250,000 warrants as compensation for the late payment of director fees and services provided.
The shares issued to Lyons and Ryan are based on the previous 30 business days' VWAP (Volume Weighted Average Price) for Ordinary Shares, with the warrants exercisable at 12.5p per share until December 31, 2027.
These transactions are considered related party transactions under Rule 13 of the AIM Rules for Companies. The company's directors, after consulting with Strand Hanson Ltd, the company's nominated advisor, have deemed the terms of these share and warrant issues fair and reasonable for shareholders.
An application has been made to the London Stock Exchange (LON:LSEG) for 5,013,736 new Ordinary Shares to be admitted to trading on AIM, with expected commencement of dealings on or around December 19, 2024. Following Admission, Shuka's issued share capital will consist of 65,233,597 ordinary shares, with no shares held in treasury. Shareholders can use this total share count as a reference for disclosing changes in their interest in the company, as required by the FCA's Disclosure Guidance and Transparency Rules.
The announcement includes inside information as per Article 7 of the Market Abuse Regulation and is disclosed in accordance with the company's obligations under Article 17 of the same regulation. This information is based on a press release statement from Shuka Minerals Plc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.