Adams & Remers has acted for Shumba Resources Limited in relation to its recent USD 1.1 million fundraising by way of a private placing of new ordinary shares led by Optiva Securities Limited.
Shumba Resources is a private, Batswana led and majority owned exploration company whose main business focus is on acquiring and developing coal exploration licences in Botswana. Shumba has recently acquired a coal resource in Sechaba and has commenced its scoping study and drilling programme. The funds will be used to progress its coal exploration activities in Botswana.
As announced to the Australian Stock Exchange, Shumba is in discussion with ASX listed DiamonEx about a potential reverse of its subsidiary, Sechaba, into DiamonEx by way of a reverse takeover.
Stuart commented “This is another successful fundraising which demonstrates Adams & Remers international experience in the natural resource sector. We look forward to working with Shumba in connection with the exciting opportunities it faces.”