REG - Beowulf Mining PLC - Issue of SDRs to underwriters

Beowulf MiningAnnouncement

10/04/2024 07:00

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RNS Number : 9253J  Beowulf Mining PLC  10 April 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 (as amended). 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.

 

 

10 April 2024

 

 

Beowulf Mining plc

 

("Beowulf" or the "Company")

 

 

Issue of SDRs to underwriters in respect of transaction fees

 

Beowulf (AIM: BEM; Spotlight: BEO) hereby announces that, following the
completed rights issue of Swedish Depository Receipts (the "SDRs"), the
outcome of which was notified on 3 April 2024 (the "Rights Issue"), the
Company will carry out an issue of 29,166,667 SDRs to an underwriter which has
elected to receive compensation in the form of SDRs (the "Commission Issue")
instead of cash. The subscription price of the Compensation Issue is equal to
the subscription price of the Rights Issue of SEK 0.08 per SDR.

 

In accordance with the underwriting agreements connected to the Rights Issue,
the underwriters had the option to receive the underwriter fee in the form of
cash or in the form of SDRs, or a combination thereof. Formue Nord
Markedsneutral A/S has chosen to receive its underwriter fee as SDRs and will
subscribe for 29,166,667 new SDRs.

 

Admission and Total Voting Rights

 

Application has been made for admission of the new Ordinary Shares to be
admitted to trading on AIM on or around 15 April 2024 ("Admission"), with the
SDRs reflecting these Ordinary Shares being issued on or around 17 April 2024,
being the same dates as the Capital Raise.

 

The new Ordinary Shares will rank pari passu in all respects with the
Company's existing Ordinary Shares. Following Admission, the total number of
ordinary shares in the Company in issue will be 1,942,239,479. This figure may
be used by shareholders 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 Company under the FCA's Disclosure and Transparency
Rules.

 

Definitions

 

Capitalised terms used but not otherwise defi ned in this announcement shall
have the meaning given to them in the Company's announcement dated 4 March
2024
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/x81m25w
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/x81m25w)
).

 

 

Enquiries:

 

Beowulf Mining plc

Ed Bowie, Chief Executive Officer
ed.bowie@beowulfmining.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.

 

 

 

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