Issue of Equity
10 March 2015
Beowulf Mining plc
(“Beowulf” or the “Company”)
Placing to raise £350,000
Issue of Equity
Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company principally focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, is pleased to announce a placing of £350,000 before expenses.
Details of the Placing
The Company has placed 29,166,666 new ordinary shares (the “Placing Shares”) to raise approximately £350,000 (before expenses) at a price of 1.2 pence per Placing Share (the “Issue Price”).
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM which is expected on 18 March 2015 (“Admission”). Following Admission, the Company will have a total of 374,426,515 ordinary shares in issue. The Placing Shares will rank pari passu with the existing ordinary shares.
Following Admission and in accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that it will have 374,426,515 ordinary shares of £0.01 each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.
Following Admission, the above figure of 374,426,515 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
“We are pleased to deliver a capital raising in a tough market for junior mining companies. The capital raise comes on top of the £150,000 injection announced earlier in the year. Furthermore it represents another milestone for the Beowulf leadership team and provides us with the working capital to focus on gaining an early and positive decision by the Swedish Government on the Kallak North Exploitation Concession, and to concurrently advance other value creating opportunities.”
|Beowulf Mining Plc|
|Kurt Budge, Chief Executive Officer||Tel: +44 (0)20 3771 6993|
|Cantor Fitzgerald Europe|
|Stewart Dickson / Jeremy Stephenson / Carrie Lun||Tel: +44 (0)20 7894 7000|
|Tim Blythe / Megan Ray||Tel: + 44 (0)20 7138 3204|