TIDMBEM
RNS Number : 3357J
Beowulf Mining PLC
21 December 2020
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21 December 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Fully Subscribed Capital Raising with Placing of New Ordinary
Shares
Beowulf (AIM: BEM; Spotlight: BEO) announces a fully subscribed
Capital Raising with the placing of 28,331,207 New Ordinary Shares
(the "Placing") to professional Nordic investors at SEK 0.370 per
share (the "Placing Price").
The Placing corresponds to the number of unsubscribed Open Offer
Shares and is made at the SDR Offer Price (SEK 0.370). The Placing
has raised an additional SEK 10.5 million (approximately GBP 0.9
million) (gross).
The Placing has been executed to secure the full proceeds of the
Capital Raising, as detailed in the Prospectus, and concludes the
Capital Raising announced on 6 November 2020.
In total, the Company has conditionally raised approximately GBP
7.4 million (approximately SEK 83 million) (gross) from the Capital
Raising and the Placing.
Background
As previously announced, the Company has conditionally raised
gross proceeds of approximately GBP 6.5 million (corresponding to
approximately SEK 72.4 million) via the Open Offer (including the
fully subscribed SDR Rights Issue).
In order to secure the full proceeds of the Capital Raising, as
detailed in the Prospectus, the Board of Directors has responded to
continued interest from Nordic investors and decided to conduct the
Placing.
The number of new Ordinary Shares issued under the Placing
corresponds to the number of unsubscribed Open Offer Shares, with
the result that the Company has raised approximately GBP 7.4
million (approximately SEK 83 million) in total (gross) from the
Capital Raising and the Placing.
Application has been made to the London Stock Exchange for
28,331,207 Ordinary Shares (the "Placing Shares") to be admitted to
trading on AIM pursuant to the Placing. The Placing Shares will
rank pari passu with the Company's existing issued share capital.
It is expected that admission of the Placing Shares to AIM will
become effective and that dealings in the Placing Shares will
commence on 22 December 2020.
Kurt Budge, Chief Executive Officer of the Company, said:
"With the SDR Offer being oversubscribed and continued interest
from Nordic investors, we have been able to execute this
Placing.
"Despite the challenges of 2020, for all of us, the Company has
been able to complete a fully subscribed Capital Raising.
"Beowulf is now able to step into 2021, financially strong and
with growth options across its asset portfolio, in Sweden, Finland
and Kosovo.
"The Capital Raising has been almost four months in the making
and, on behalf of the Board, I wish to express my sincere gratitude
to the Company's advisors in Sweden and the UK, who have done all
the hard work to make it happen. Beowulf is benefited by their
professional conduct and commitment to the Company.
"I also want to thank our shareholders for their support, many
of whom are longstanding and have stuck with the Company. The
Company does not take your support for granted.
"Beowulf now looks forward to 2021, when the real work
starts."
The following parties have subscribed and been allotted shares
under the Placing
Party Number of shares
Formue Nord Markedsneutral
A/S 14,165,604
-----------------
Modelio Equity AB (publ) 7,082,802
-----------------
Oscar Molse 7,082,801
-----------------
Through the Placing, the number of Ordinary Shares increases by
28,331,207, from 799,844,017 to 828,175,224 (corresponding to a
fully subscribed Capital Raising).
Total voting rights
Following admission of the Placing Shares to trading on AIM, the
Company will have 828,175,224 Ordinary Shares in issue. No Ordinary
Shares are held in treasury. The total number of voting rights in
the Company is therefore 828,175,224. 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.
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 Tel: +46 (0) 40-615
14 10
Swedish Financial Adviser and Broker
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138
3204
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END
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