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Subscription to raise £250,000

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RNS Number : 7101S
Beowulf Mining PLC
08 November 2019
 

 

 

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

 

8 November 2019

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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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