Business
Issue of shares – settlement of historic fees
Shuka Minerals Plc has issued 6,562,500 new ordinary shares to settle historic fees and remuneration, with 2,762,500 shares going to Gathoni Muchai Investments Limited for loan establishment fees and consultancy services, and 3,800,000 shares issued to Chief Executive Richard Lloyd and Non-Executive Director Marc Nally for contracted remuneration. The shares were issued at a reference price of 4 pence each, consistent with a recent equity fundraise. Following admission to trading on AIM, expected on 29 January 2026, the company's total issued share capital will be 127,061,139 ordinary shares. Disclaimer*
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n\n23 January 2026\nShuka Minerals Plc\n(\"Shuka\" or the \"Company\")\nIssue of shares - settlement of historic fees\nShuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, notifies the issue of the following new ordinary shares (\"Shares\").\n2,762,500 new Shares are being issued to Gathoni Muchai Investments Limited (\"GMI\"), of which 562,500 Shares relate to the settlement of the 3% establishment fee pursuant to the terms of increased unsecured loan (\"GMI Loan\") entered into on 30 June 2025. To date, £1.115m has been drawn down under the GMI Loan, with a further £385,000 remaining undrawn. The balance of 2,200,000 Shares are being issued to GMI at a reference price of 4 pence per Share (being equal to the price of the recent equity fundraise) in settlement of historic fees pursuant to GMI's consultancy agreement, announced on 24 May 2024 (\"Agreement\"). The Agreement has now been terminated according to its terms.\n2,100,000 new Shares are being issued to Richard Lloyd, Chief Executive and 1,700,000 new Shares are being issued to Marc Nally, Non-Executive Director, each at a reference price of 4 pence per Share (being equal to the price of the recent equity fundraise) in settlement of historic contracted remuneration due to them, following which Mr Lloyd's interest in the Company will comprise 2,100,000 Shares, representing approximately 1.65% of the Company's enlarged issued share capital, and 2,000,000 warrants and Mr Nally's interest in the Company will comprise 1,700,000 Shares, representing approximately 1.34% of the Company's enlarged issued share capital.\nRichard Lloyd, CEO, commented:\n\"Whilst the Company has successfully completed a recent raise, in the interest of continuing to preserve cash, in order to channel maximum funds into progressing the geological studies at Kabwe, it is highly appreciated that Marc has joined me in accepting historic salary in shares.\"\nRelated party transactions\nAs GMI are a substantial shareholder in the Company, the Agreement fee settlement, as set out above, constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of the Company consider, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, that the terms of the Agreement fee settlement are fair and reason...