REG - Beowulf Mining PLC - Compromise Agreement with former CEO

Beowulf MiningAnnouncement

27/07/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230727:nRSa3346Ha&default-theme=true

RNS Number : 3346H  Beowulf Mining PLC  27 July 2023

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, this
inside information is now considered to be in the public domain.

27 July 2023

Beowulf Mining plc

("Beowulf" or the "Company")

Compromise Agreement with former CEO

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development
company, announces that it has entered into a compromise agreement (the
"Compromise Agreement") with Kurt Budge, former CEO of Beowulf.

The terms of the Compromise Agreement are as follows:

·    Mr Budge's employment with Beowulf will terminate immediately, and he
will receive pay in lieu of the remainder of his notice period;

·    Mr Budge will receive 12,250,000 options in the Company, exercisable
immediately at a strike price of 2.06 pence per option (the price of the
Company's most recent capital raise), exercisable for up to five years,
subject to Mr Budge's ongoing compliance with his exit arrangements;

·    The Company will contribute £3,000 towards Mr Budge's legal fees;
and

·    Mr Budge will be released from a non-compete restrictive covenant
with effect from 1 September 2023.

The options have been provided to Mr Budge as part of his exit package in
recognition of his dedication to the Company during many years of service, and
for the opportunities he created during his leadership.

Mr Budge is making arrangements to assist the Company's incoming CEO, Ed
Bowie, ahead of Mr Bowie joining the board of Beowulf on 7 August 2023.

Related Party Transaction

The Compromise Agreement is a related-party transaction for the purposes of
Rule 13 of the AIM Rules for Companies. The directors of Beowulf independent
of the Compromise Agreement being the full board, consider, having consulted
with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the
Compromise Agreement is fair and reasonable in so far as Beowulf's
shareholders are concerned.

 

 

For more information, please contact:

Enquiries:

Johan Röstin Tel: +46 (0) 702 53 00 00

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Stuart Gledhill /Adam Cowl

Tel: +44 (0) 20 3470 0470

 BlytheRay

Tim Blythe / Megan Ray

Tel: +44 (0) 20 7138 3204

 About

Beowulf Mining is a mining company with main activities in exploration and
development in Sweden, Finland and Kosovo. Beowulf's portfolio is
diversified by commodity, geography and stage of development of the projects.
Development consists primarily of iron ore, graphite, gold and other base
metals. Beowulf Mining was founded in 1988 and is headquartered in London,
England.

 

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
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFFFVLDVIRFIV