The
information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law
by the European Union (Withdrawal) Act 2018. Upon the publication
of this announcement, through the agency of the contact person of
the Company set out below, this inside information is now
considered to be in the public domain.
20 March
2024
Beowulf Mining plc
("Beowulf" or the
"Company")
Capital Raise
Update
Beowulf (AIM: BEM; Spotlight: BEO), the mineral
exploration and development company, provides an update on the
ongoing Capital Raise including confirming Board and Management
subscriptions for SEK 2.86 million or £218,000.
Board and
Management subscriptions
Beowulf confirms the total commitment from the
Board and Senior Management of the Company to subscribe for SEK
2.86 million or £218,000 as follows:
|
Subscriptions for SDRs
|
SEK
|
£
|
Expected
number of new SDRs
|
Expected
interest upon Admission
|
|
Johan Rostin*
|
Non-Executive Chairman
|
500,000
|
38,125
|
6,250,000
|
8,168,768
|
|
Mikael Schauman
|
Non-Executive Director
|
250,000
|
19,063
|
3,125,000
|
3,125,000
|
|
Rasmus Blomqvist*
|
Managing Director,
Grafintec
|
837,573
|
63,865
|
10,469,662
|
19,776,033
|
|
|
|
|
|
|
|
|
Subscriptions for Ordinary
shares
|
SEK
|
£
|
Expected
number of new Ordinary Shares
|
Expected
interest upon Admission
|
|
Ed Bowie
|
Chief Executive Officer
|
918,033
|
70,000
|
11,475,409
|
11,475,409
|
|
Chris Davies*
|
Non-Executive Director
|
91,803
|
7,000
|
1,147,540
|
1,333,427
|
|
Ismet Krasniqi
|
Non-Executive Director, Vardar
Minerals
|
262,295
|
20,000
|
3,278,688
|
3,278,688
|
|
Total
|
|
2,859,705
|
218,052
|
|
|
|
|
|
|
|
|
| |
Note: * indicate existing shareholders so will subscribe with
existing subscription or preferential rights
The commitments noted above, where not based on
existing subscription or preferential rights, may be subject to
scale back (as is the case for all new investors) should the
Capital Raise be fully subscribed.
Related Party
Transaction
The subscription from Ed Bowie (Chief
Executive Officer), Chris Davies (Independent
Non-Executive Director), Johan Rostin (Non-Executive
Chairman), Mikael Schauman (Independent Non-Executive Director),
Rasmus Blomqvist (Managing Director, Grafintec) and Ismet
Krasniqi (Non-Executive Director, Vardar Minerals) are considered
related-party transactions for the purposes of Rule 13 of the AIM
Rules. The Company's Nominated Adviser, SP Angel Corporate
Finance LLP, considers the terms of the Board and Senior Management
subscription to be fair and reasonable insofar as Beowulf's
shareholders are concerned.
Capital Raise
Update
The subscription period for the Capital Raise,
which began on 14 March 2024, runs until 28 March 2024 (12.00 p.m.
GMT / 1.00 p.m. Swedish time). The Capital Raise consists of a
preferential rights issue of up to 1,035,553,623 Swedish Depository
Receipts in Sweden and a conditional offer for subscription of up
to 266,282,272 new ordinary shares of 0.1 pence each in the capital
of the Company via PrimaryBid in the UK (the "PrimaryBid
Offer").
The Company understands that a number of
potential subscribers to the PrimaryBid Offer have had difficulties
accessing the offer. The PrimaryBid Offer is not directly available
on the PrimaryBid website or app but is available through
PrimaryBid's extensive network of retail brokers, wealth managers
and investment platforms, (subject to such partners'
participation). Existing shareholders should be able to access the
PrimaryBid Offer through the Corporate Actions departments of their
respective brokers or by following the instructions for the website
Corporate Actions Tool. New investors should also be able to access
the PrimaryBid Offer via the Corporate Actions departments of their
brokers. Further information is provided at
www.primarybid.com/uk/service-update.
Potential subscribers are recommended to check
any deadlines imposed by their brokers as these may differ from the
timeline published by the Company.
Enquiries:
Beowulf Mining
plc
Ed Bowie, Chief Executive
Officer
ed.bowie@beowulfmining.com
PrimaryBid
Limited
Fahim Chowdhury / James
Deal
enquiries@primarybid.com
Evli Plc
(Swedish financial adviser)
Mikkel Johannesen / Lars Olof Nilsson
Tel: +46 (0) 73 147 0013
SP
Angel
(Nominated Adviser & Joint
Broker)
Ewan Leggat / Stuart Gledhill / Adam
Cowl Tel: +44
(0) 20 3470 0470
Alternative
Resource Capital
(Joint Broker)
Alex
Wood
Tel: +44 (0) 20 7186 9004
BlytheRay
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 forecast.
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
1) Ed Bowie
2) Chris
Davies
3) Johan
Rostin
4) Mikael
Schauman
5) Rasmus
Blomqvist
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
1) CEO
2) NED
3) Chairman
4) NED
5) Managing Director,
Grafintec
|
|
b)
|
Initial notification
/Amendment
|
Initial Notification
|
|
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
instrument, type of instrument
|
ordinary shares of 0.1p
each
|
|
|
|
|
Identification code
|
GB0033163287
|
|
|
|
|
b)
|
Nature of the transaction
|
Purchase of Ordinary
Shares
|
|
c)
|
Price(s) and volume(s)
|
|
1
|
0.61p
|
11,475,409
|
|
2
|
0.61p
|
1,147,540
|
|
3
|
0.08
SEK
|
6,250,000
|
|
4
|
0.08
SEK
|
3,125,000
|
|
5
|
0.08
SEK
|
10,469,662
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
Not Applicable
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 March 2024
|
|
f)
|
Place of the transaction
|
London Stock Exchange /
Spotlight
|