The
information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law
by the European Union (Withdrawal) Act 2018 (as amended). Upon the
publication of this announcement, through the agency of the contact
person of the Company set out below, this inside information is now
considered to be in the public domain.
10 April
2024
Beowulf Mining plc
("Beowulf" or the
"Company")
Issue of SDRs to underwriters
in respect of transaction fees
Beowulf (AIM: BEM; Spotlight: BEO) hereby
announces that, following the completed rights issue of Swedish
Depository Receipts (the "SDRs"), the outcome of which was notified
on 3 April 2024 (the "Rights Issue"), the Company will carry out an
issue of 29,166,667 SDRs to an underwriter which has elected to
receive compensation in the form of SDRs (the "Commission Issue")
instead of cash. The subscription price of the Compensation Issue
is equal to the subscription price of the Rights Issue of SEK 0.08
per SDR.
In accordance with the underwriting agreements
connected to the Rights Issue, the underwriters had the option to
receive the underwriter fee in the form of cash or in the form of
SDRs, or a combination thereof. Formue Nord Markedsneutral A/S has
chosen to receive its underwriter fee as SDRs and will subscribe
for 29,166,667 new SDRs.
Admission and
Total Voting Rights
Application has been made for admission of the
new Ordinary Shares to be admitted to trading on AIM on or around
15 April 2024 ("Admission"), with the SDRs reflecting these
Ordinary Shares being issued on or around 17 April 2024, being the
same dates as the Capital Raise.
The new Ordinary Shares will rank pari passu in
all respects with the Company's existing Ordinary Shares. Following
Admission, the total number of ordinary shares in the Company in
issue will be 1,942,239,479. This figure may be used by
shareholders 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 Company under the FCA's
Disclosure and Transparency Rules.
Definitions
Capitalised terms used but not otherwise defi
ned in this announcement shall have the meaning given to them in
the Company's announcement dated 4 March 2024
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/x81m25w).
Enquiries:
Beowulf Mining
plc
Ed Bowie, Chief Executive
Officer
ed.bowie@beowulfmining.com
Evli
Plc
(Swedish financial adviser)
Mikkel Johannesen / Lars Olof Nilsson
Tel: +46 (0) 73 147 0013
SP
Angel
(Nominated Adviser & Joint
Broker)
Ewan Leggat / Stuart Gledhill / Adam
Cowl Tel: +44
(0) 20 3470 0470
Alternative
Resource Capital
(Joint Broker)
Alex Wood
Tel:
+44 (0) 20 7186 9004
BlytheRay
Tim Blythe / Megan Ray
Tel: +44 (0)
20 7138 3204
Cautionary
Statement
Statements and assumptions made in this
document with respect to the Company's current plans, estimates,
strategies and beliefs, and other statements that are not
historical facts, are forward-looking statements about the future
performance of Beowulf. Forward-looking statements include, but are
not limited to, those using words such as "may", "might", "seeks",
"expects", "anticipates", "estimates", "believes", "projects",
"plans", strategy", "forecast" and similar expressions. These
statements reflect management's expectations and assumptions in
light of currently available information. They are subject to a
number of risks and uncertainties, including, but not limited to ,
(i) changes in the economic, regulatory and political environments
in the countries where Beowulf operates; (ii) changes relating to
the geological information available in respect of the various
projects undertaken; (iii) Beowulf's continued ability to secure
enough financing to carry on its operations as a going concern;
(iv) the success of its potential joint ventures and alliances, if
any; (v) metal prices, particularly as regards iron ore. In the
light of the many risks and uncertainties surrounding any mineral
project at an early stage of its development, the actual results
could differ materially from those presented and forecast in this
document. Beowulf assumes no unconditional obligation to
immediately update any such statements and/or forecast.