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2019-10-31

Beowulf: Issue of Shares/PDMR Dealing

31 October 2019

Beowulf Mining plc

("Beowulf" or the "Company")

Issue of Shares/PDMR Dealing

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces that it has issued today 166,667 fully
paid new ordinary shares of £0.01 to Kurt Budge, CEO of the Company,
at a deemed price of 6.25p per share ("New Shares") (the "Share
Issue").

The Share Issue is to compensate Kurt Budge for the lapse of 500,000
share options granted to Kurt Budge, exercisable at a price of 4p per
share, as announced via RNS on 10 October 2014 ("Share Options").
Kurt Budge was unable to exercise the Share Options due to being in a
closed period in respect of the recent fundraising announced via RNS
on the 24 October 2019. The issue of New Shares is intended to
provide Mr Budge with compensation equivalent to the economic value
of the Share Options that lapsed. The deemed consideration value of
the New Shares is approximately £10,417, based on the closing
mid-price of the Company's ordinary shares on 30 October 2019.

Application will be made to the London Stock Exchange for the New
Shares to be admitted to trading on AIM on or around 7 November 2019
("Admission"). The New Shares will rank pari passu with existing
ordinary shares of £0.01 each.

Following Admission, Kurt Budge will have an interest in 2,416,426
ordinary shares of the Company, representing 0.40 per cent of the
issued ordinary share capital of the Company.

Following Admission, and in accordance with the Financial Conduct
Authority's ("FCA") Disclosure and Transparency Rules, the Company
hereby announces that it will have 597,896,846 ordinary shares 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 597,896,846 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 FCA and Transparency Rules.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
SP Angel(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470 0470
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204

1 Details of the person
discharging managerial
responsibilities / person
closely associated
a) Name Kurt Budge
2 Reason for the notification
a) Position/status CEO and PDMR
b) Initial notification Initial Notification
/Amendment
3 Details of the issuer,
emission allowance market
participant, auction
platform, auctioneer or
auction monitor
a) Name Beowulf Mining plc
b) LEI 213800MV3XGAOASPT433
4 Details of the
transaction(s): section to be
repeated for (i) each type of
instrument; (ii) each type of
transaction; (iii) each date;
and (iv) each place where
transactions have been
conducted
a) Description of the financial Issue of
instrument, type of SharesOrdinary
instrument Shares of 1p each
GB0033163287
Identification code
b) Nature of the transaction Issue of shares
c) Price(s) and volume(s) Price(s) Volume(s)
6.25p 166,667
d) Aggregated information - Not applicable
Aggregated volume
- Price
e) Date of the transaction 31/10/2019
f) Place of the transaction London Stock
Exchange (XLON)

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https://news.cision.com/se/beowulf/r/issue-of-shares-pdmr-dealing,c2951325
https://mb.cision.com/Main/11673/2951325/1133944.pdf

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