Bli medlem
Bli medlem

Du är här

2019-11-08

Beowulf: Subscription to raise £250,000

Beowulf Mining plc

("Beowulf" or the "Company")

Subscription to raise £250,000

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, is pleased to announce a subscription for new
ordinary shares of £0.01 each to raise £250,000 before expenses (the
"Subscription").

The funds will be used to support Vardar Mineral's ("Vardar") plans
for the Mitrovica and Viti Projects in Kosovo and for general working
capital purposes.

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

Pursuant to the Subscription, the Company will issue 4,347,826 new
ordinary shares of £0.01 each (the "Subscription Shares") to raise
approximately £250,000 (before expenses) at a price of 5.75 pence per
new ordinary share. The Company held approximately £1,050,767 in cash
at 31 October 2019.

Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM on or around 13
November 2019 ("Admission"). The Subscription Shares will rank pari
passu with existing ordinary shares of £0.01 each.

Following Admission, and in accordance with the Financial Conduct
Authority's Disclosure ("FCA") and Transparency Rules, the Company
hereby announces that it will have 602,244,672 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 602,244,672 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:

"The Company is benefitted by its listings in London and Sweden, and,
even with market uncertainty created by Brexit and a US-China trade
war, we are attracting investor interest in both markets, able to
raise funds and maintain a strong cash position.

"In Sweden, we are concluding our work with legal advisers regarding
our Kallak application, as we wait on a decision from the Swedish
Government.

"It was good to see a debate article by Swedish Minister for
Enterprise, Ibrahim Baylan, and the Finnish Minister of Economic
Affairs Commerce, Katri Kulmuni, in Aftonbladet on 6 November,
describing how Sweden and Finland should lead the way in global
standardisation and certification of sustainably produced metals and
minerals. Beowulf has invested in both countries and is focused on
developing sustainable mining operations at Kallak and with our
graphite in Finland.

"It's over a year since LKAB's CEO stated that LKAB's iron ore
reserves would be insufficient to meet future supply needs, and,
added to this, if your ambition is to put poor performing industry
participants out of business, and have a pipeline of supply to meet
future demand, then you need to permit new mine development.

"I look forward to updating shareholders on further developments."

About Beowulf Mining plc

Beowulf's strategy is to build a sustainable and innovative mining
company, which creates shareholder value by developing mining assets,
delivering production and generating cash flow, and in so doing meets
society's ongoing need for minerals, metals and economic prosperity.

Beowulf is developing a high-quality asset base, which is diversified
by geography and commodity, enabling it to simultaneously advance
several projects up the mining value curve and create shareholder
value.

Additionally, the Board of Directors continues to look beyond the
Company for value creation opportunities.

The Company's first priority remains the award of the Exploitation
Concession for Kallak North, and thereafter completing the Scoping
Study. The introduction of a strategic partner/investor who
understands the value of Kallak as a high-quality asset, which could
be in production within four to five years, is an ongoing
consideration, but does not preclude the Company from continuing to
add value to Kallak in the meantime.

Fennoscandian Resources ("Fennoscandian"), the Company's graphite
business, is pursuing a strategy to develop a `resource footprint' of
natural flake graphite prospects that can provide `security of
supply' and enable Finland to achieve its ambition of
self-sufficiency in battery manufacturing. The Company is a
recipient of Business Finland funding, which is supporting
Fennoscandian to move downstream, and develop its knowledge in
processing and manufacturing value-added graphite products.

The Company owns 41.5 per cent of Vardar, a UK registered exploration
company with a focus on the metal endowed Balkan region and one of
the first companies to be awarded exploration licences in Kosovo.
Vardar holds exploration licences for the Mitrovica and Viti
projects. Both projects are located within the Tethyan Belt, a major
orogenic metallogenic province for gold and base metals which extends
from the Alps (Carpathians/Balkans) to Turkey, Iran and Indochina,
and contains several world class discoveries. The Tethyan Belt of
south-east Europe can be regarded as Europe's chief copper-gold
(lead-zinc-silver) province.

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

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.

-----------------------------------------------------------
https://news.cision.com/se/beowulf/r/subscription-to-raise--250-000,c295...
https://mb.cision.com/Main/11673/2956728/1137738.pdf

Författare AktieTorget News

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.