Shumba Energy has informed shareholders that pursuant to the binding sale and purchase agreement entered into with Daheng Group for the acquisition of Mabesekwa Prospecting Licence, the second payment is now due for settlement.
The settlement would either be the sum of $2 million payable in cash or failing which shares in the company worth $3,3 million will be issued.
In a statement, Shumba said it has raised P14 million ($1.3 million) through the issuance of a convertible loan notes via private placement to contribute to the settlement of the second payment due to Daheng.
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Subject to compliance with the applicable regulations, the company says it has the option to settle the final maturity amount on the convertible loan notes, inclusive of interest.
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