TIDMBEM
RNS Number : 4517F
Beowulf Mining PLC
17 May 2017
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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 Mining plc
("Beowulf" or the "Company")
Subscription to raise GBP1.5 million
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 GBP1.5
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 GBP1.5 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 GBP0.01 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 Tel: +44 (0) 20 3771 6993
Officer
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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