Beowulf Mining PLC Results of Open Offer and Capital Raising (2483J)
December 21 2020 - 2:00AM
UK Regulatory
TIDMBEM
RNS Number : 2483J
Beowulf Mining PLC
21 December 2020
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21 December 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Results of Open Offer and Capital Raising
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces that it has received valid
acceptances and excess applications from Qualifying Shareholders
pursuant to the Open Offer in respect of 44,337,997 Open Offer
Shares (excluding those offered under the SDR Rights Issue in the
form of New SDRs). Accordingly, the Company has conditionally
raised gross proceeds of approximately GBP 1.4 million
(corresponding to approximately SEK 15.7 million) via the Open
Offer (excluding the SDR Rights Issue) and approximately GBP 6.5
million (corresponding to approximately SEK 72.4 million) in total
via the Capital Raising (the Open Offer, the SDR Rights Issue and
the Additional Subscription, taken together). Application has been
made to the London Stock Exchange for 197,599,345 New Ordinary
Shares of 1 pence each to be admitted to trading on AIM, pursuant
to the Capital Raising. The New Ordinary Shares will rank pari
passu with the Company's existing issued share capital. It is
expected that Admission will become effective and that dealings in
the New Ordinary Shares on AIM will commence on 22 December
2020.
In order to secure the full proceeds of the Capital Raising, as
detailed in the Prospectus, the Board of Directors is responding to
interest from professional Nordic investors and considering a
placing of Ordinary Shares (the "Placing"). The Placing will only
be conducted up to the number of unsubscribed Open Offer Shares and
at the SDR Offer Price (SEK 0.370).
Total Voting Rights (excluding the Placing)
Following Admission, the Company will have 799,844,017 ordinary
shares in issue. No ordinary shares are held in treasury. The total
number of voting rights in the Company is therefore 799,844,017.
The above figure may be used by shareholders in the Company as a
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's
Disclosure Guidance and Transparency Rules.
The following Directors and PDMRs of the Company participated in
the Capital Raising:
Name of Director Number of shares Ordinary Shares Total interest
/ PDMR subscribed for following the in the enlarged
in the Capital Capital Raising share capital
Raising (%)*
Kurt Budge 906,159 3,322,585 0.415
----------------- ----------------- -----------------
Christopher Davies 88,800 88,800 0.011
----------------- ----------------- -----------------
Rasmus Blomquist 1,743,750 6,393,750 0.799
----------------- ----------------- -----------------
*excluding the Placing
Definitions:
Words and phrases defined in the Prospectus published on 16
November 2020 have the same meaning in this announcement.
Exchange rate:
An exchange rate of GBP 1.00 = SEK 11.1875, as displayed on the
homepage of the Central Bank of Sweden on 18 December 2020, has
been used to show amounts in both pounds sterling and SEK.
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
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138
3204
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