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Beowulf Mining to raise £500,000 via shares placing

Tuesday, 16th April 2019
Beowulf Mining announced a subscription for new ordinary shares of £0.01 each to raise £500,000, which will be used for general working capital purposes and to support its commitment to Vardar Minerals' Kosovan exploration programme.

Pursuant to the subscription, the company will issue approximately 8.7 new ordinary shares of £0.01 each to raise approximately £500,000 (before expenses) at a price of 5.75p per new ordinary share.

Application was made to the London Stock Exchange for the subscription shares to be admitted to trading on AIM on or around 25 April 2019.

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 announces it will have 588,639,270 ordinary shares in issue, each share carrying the right to one vote.

The company said does not hold any ordinary shares in treasury.

Following Admission, the above figure of 588,639,270 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.

CEO Kurt Budge commented: "With the announcement of our previous fundraise, I made mention of the adverse market conditions affecting the junior mining sector and the uncertainty surrounding Brexit.

"I am pleased that investor interest has again been shown in supporting the company, with an offer of additional funding.

"Given the positive trajectory we have with Kallak, our graphite in Finland and investment in Vardar Minerals, having this extra cash gives the company flexibility in continuing to deploy capital across our business areas and create shareholder value.

"We look forward to keeping shareholders updated on our progress."

At 9:47am: (LON:BEM) Beowulf Mining PLC share price was -0.63p at 6.13p

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