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2017-05-17

Beowulf: Subscription to raise £1.5 million

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR PUBLICATION,
RELEASE OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN
PART, IN THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO
SO. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF THE SECURITIES LAWS OF SUCH JURISDICTIONS

The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in the
public domain.

17 May 2017

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and
development company focused on the Kallak magnetite iron ore project
and the Åtvidaberg polymetallic exploration licence in Sweden, and
its graphite portfolio in Finland, is pleased to announce a
subscription for new ordinary shares to raise £1.5 million before
expenses (the "Subscription").

Background to the Subscription and Use of Proceeds

The funds will be used for general working capital purposes and to
support activities across our three main business areas, which are
Kallak, graphite exploration, and our Åtvidaberg exploration licence,
and more specifically:

· a scoping study on the Kallak project, to be conducted after the
award of the Exploitation Concession;

· exploration and development activities across the graphite
portfolio: Haapamäki, Pitkäjärvi and Aitolampi, Kolari, and Viistola,
including geophysics sampling, assays, and metallurgical testwork;
and

· the 2017 exploration programme at Åtvidaberg, comprising
re-interpretation of historical data, ground geophysics, and
geological mapping.

Details of the Subscription, Issue of Equity, and Total Voting Rights

Pursuant to the Subscription, the Company will issue 23,076,923 new
ordinary shares (the "Subscription Shares") to raise approximately
£1.5 million (before expenses) at a price of 6.5 pence per new
ordinary share.

Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM on or around 18
May 2017 ("Admission"). The Subscription Shares will rank pari passu
with existing ordinary shares.

Following Admission, and in accordance with the Financial Conduct
Authority's Disclosure ("FCA") and Transparency Rules, the Company
hereby announces that it will have 525,707,254 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 525,707,254 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.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"We are pleased to have completed this fundraising, which strengthens
our cash position, and supports investment plans across our three
main business areas.

"I have been back in Jokkmokk this week, continuing to share our
vision for Kallak, and what we believe a modern and sustainable
mining operation could positively do for Jokkmokk's future. We are
waiting for the County Administrative Board's response to the Mining
Inspectorate, due 16 June 2017.

"We continue to make progress on our graphite exploration, having
completed drilling at Aitolampi, with further newsflow to be released
shortly, metallurgical testwork to get underway soon, and work
programmes planned for Kolari and Viistola this year.

"At the end of April, we recently completed a 3-day workshop at
Åtvidaberg, with the Board, Company's exploration team and external
experts in attendance. The output of the workshop was an exciting
exploration programme for this year, with work planned on targets at
Bersbo, Mormor, and Könserum.

"We look forward to keeping shareholders updated on our progress
across all areas of our business."

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
Cantor Fitzgerald Europe(Nominated Advisor & Broker)
David Porter / Craig Francis Tel: +44 (0) 20 7894 7000
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204

Cautionary Statement

Statements and assumptions made in this document with respect to the
Company's current plans, estimates, strategies and beliefs, and other
statements that are not historical facts, are forward-looking
statements about the future performance of Beowulf. Forward-looking
statements include, but are not limited to, those using words such as
"may", "might", "seeks", "expects", "anticipates", "estimates",
"believes", "projects", "plans", strategy", "forecast" and similar
expressions. These statements reflect management's expectations and
assumptions in light of currently available information. They are
subject to a number of risks and uncertainties, including, but not
limited to, (i) changes in the economic, regulatory and political
environments in the countries where Beowulf operates; (ii) changes
relating to the geological information available in respect of the
various projects undertaken; (iii) Beowulf's continued ability to
secure enough financing to carry on its operations as a going
concern; (iv) the success of its potential joint ventures and
alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding any
mineral project at an early stage of its development, the actual
results could differ materially from those presented and forecast in
this document. Beowulf assumes no unconditional obligation to
immediately update any such statements and/or forecasts.

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http://news.cision.com/se/beowulf/r/subscription-to-raise--1-5-million,c...
http://mb.cision.com/Main/11673/2267837/675899.pdf

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