REG - Beowulf Mining PLC - Capital Raise Update

Beowulf MiningAnnouncement

20/03/2024 10:15

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RNS Number : 6044H  Beowulf Mining PLC  20 March 2024

 

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
(http://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

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

 

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