TIDMBEM

RNS Number : 1122I

Beowulf Mining PLC

09 December 2020

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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

9 December 2020

Beowulf Mining plc

("Beowulf" or the "Company")

Beowulf SDR Rights Issue Oversubscribed

Beowulf (AIM: BEM; Spotlight: BEO) is pleased to announce the outcome of the Company's rights issue of Swedish Depository Receipts ("SDR Rights Issue"), which ended on 4 December 2020. The SDR Rights Issue was oversubscribed with total subscription requests of approximately SEK 74.2 million (approximately GBP6.6 million), corresponding to a subscription rate of approximately 131 per cent. As a result, underwriting commitments will not be activated. Through the SDR Rights Issue, a total of 153,172,548 New SDRs will be issued and Beowulf will receive approximately SEK 56.7 million (approximately GBP5.1 million) (gross). Settlement notes are expected to be sent out today, 9 December 2020.

Background:

Beowulf is conducting an open offer of new Ordinary Shares on a pre-emptive basis of up to approximately GBP 7.3 million in total (gross) ("Open Offer"). The subscription period for the Open Offer ends at 11.00 a.m. (London time) on 18 December 2020. To enable existing holders of Swedish Depository Receipts ("SDRs") to participate in the Open Offer, the Company has offered entitlements to New Ordinary Shares under the Open Offer by way of the SDR Rights Issue, which ended on 4 December 2020. New SDRs in the SDR Rights Issue have also been offered for subscription without preferential rights to institutional investors, other professional investors and the general public in Sweden. Beowulf had prior to the launch of the SDR Rights Issue received underwriting commitments of up to 80 per cent. (approximately SEK 45.3 million) of the SDR Rights Issue.

Subscription and allotment in the SDR Rights Issue:

The SDR Rights Issue ended on 4 December 2020 and was subscribed to a total of approximately SEK 74.2 million (approximately GBP6.6 million), including pre-subscription commitments, corresponding to a subscription rate of approximately 131 per cent. A total of 153,172,548 New SDRs will be issued and Beowulf will therefore receive approximately SEK 56.7 million (approximately GBP5.1 million) (gross) as part of the Open Offer. 136,009,107 New SDRs, corresponding to approximately SEK 50.3 million (approximately GBP4.5 million) and 89 per cent. of the SDR Rights Issue, were subscribed for with the support of subscription rights. 64,482,026 New SDRs, corresponding to approximately SEK 23.9 million (approximately GBP2.1 million) and 42 per cent. of the SDR Rights Issue, were subscribed for without support of subscription rights. Allotment of New SDRs has been decided upon by the Board of Directors in accordance with the principles stated in the Company's prospectus dated 16 November 2020 ("Prospectus"). Settlement notes are expected to be sent out today, 9 December 2020.

Number of New SDRs:

When the New SDRs are registered with Euroclear Sweden AB, the total number of SDRs in Beowulf will amount to 561,632,677.

Indicative timetable for the SDR Rights Issue:

 
 Latest date for payment without                         11 December 2020 
  preferential rights under the SDR 
  Rights Issue 
 Announcement of the combined result                     21 December 2020 
  of the Open Offer, the SDR Rights 
  Issue and the Additional Subscription 
 Last day of trading in the Paid            on or around 21 December 2020 
  Subscribed SDRs 
 Record date for conversion of the          on or around 23 December 2020 
  Paid Subscribed SDRs into New SDRs 
 New SDRs credited to VPC Accounts          on or around 29 December 2020 
  of subscribers and, where applicable, 
  their nominees 
 Swedish admission to trading on            on or around 29 December 2020 
  Spotlight Stock Market and commencement 
  of dealings in the New SDRs

These times and dates and those mentioned throughout this announcement are indicative only and may be adjusted by the Company in consultation with the Brokers, in which event details of the new times and dates will be notified to the FCA, the London Stock Exchange and Spotlight.

Exchange rate:

This announcement contains certain translations of pounds sterling into amounts in SEK for convenience of the reader based on the exchange rate of GBP1.00 = SEK 11.2272, being the relevant exchange rate on 8 December 2020. These exchange rates were obtained from the homepage of the Central Bank of Sweden.

Definitions:

Words and phrases defined in the Prospectus bear the same meaning in this announcement.

Enquiries:

 
   Beowulf Mining plc 
   Kurt Budge, Chief Executive Officer          Tel: +44 (0) 20 3771 
                                                                6993 
 
   SP Angel 
    (UK Financial Adviser, Nominated Adviser 
    & Broker) 
   Ewan Leggat / Stuart Gledhill                Tel: +44 (0) 20 3470 
                                                                0470 
 
   Sedermera Fondkommission 
   Swedish Financial Adviser and Broker          Tel: +46 (0) 40-615 
                                                               14 10 
 
   Bird & Bird 
   Legal adviser to the Company as to Swedish  Tel: +46 (0)8 506 320 
    law                                                           00 
 
   Blytheweigh 
   Tim Blythe / Megan Ray                       Tel: +44 (0) 20 7138 
                                                                3204

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