Beowulf (AIM: BEM)
The mineral exploration and development company, announced a subscription for new ordinary shares of £0.01 each to raise £250,000 before expenses.
The funds will be used to support plans for the Mitrovica and Viti Projects in Kosovo and for general working capital purposes.
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.