24 June 2009
Beowulf
Mining Plc
('Beowulf'
or the 'Company')
Placing
to raise �500,000
Beowulf
(AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral
exploration company which owns several exploration projects
in Northern Sweden, is pleased to announce that it has today
agreed to place 25,000,000 new ordinary shares of 1p each in the
Company ('Placing Shares') at a placing price of 2p
per ordinary share (the 'Placing') to raise �500,000 before
expenses. The net proceeds from the Placing will be used to finance working
capital and continuing exploration expenditure on the Company's projects
in Northern Sweden.
The
Placing Shares were placed by the Company's broker, Alexander David
Securities Limited, with both new
and existing investors and the Placing was
oversubscribed. The Placing is conditional on admission of the Placing Shares
to trading on AIM.
The
Placing Shares will represent approximately 23.61 per cent. of
the enlarged issued share capital of the Company. The Placing
Shares will be fully paid and will rank pari passu in all
respects with the existing ordinary shares of 1p each in the Company. Application
will be made for the Placing Shares to be admitted to trading on
AIM ('Admission'). It is expected that Admission will become
effective and that dealings in the Placing Shares will commence at
8.00 a.m. on 1 July 2009. The total number of
ordinary shares in issue following completion of the Placing, and the
total number of voting rights, will be 105,898,247.
The
above figure of 105,898,247 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, Beowulf under the FSA's Disclosure and
Transparency Rules.
Clive
Sinclair-Poulton, Chairman of Beowulf commented:
'We
are delighted with today's placing which demonstrates the continued support for
the Company within the investment community despite the current global economic
uncertainty. These funds will enable us to accelerate our continued
exploration, commercial and operational plans.'
Enquiries:
Beowulf Mining Plc
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Clive Sinclair-Poulton, Chairman
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Tel: +353 (0) 85 739 2674
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Strand Partners Limited
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Simon Raggett / Matthew Chandler
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Tel: +44 (0) 207 409 3494
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Alexander David Securities Limited
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David Scott / Nick Bealer
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Tel: +44 (0) 207 448 9820
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Lothbury Financial Limited
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Gary Middleton / Ron Marshman
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Tel: +44 (0) 207 011 9411
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