Issue of Performance Warrants & Notice of Exercise

RNS Number : 2606C

Beowulf Mining PLC

14 October 2015

 

14 October 2015

Beowulf Mining plc

("Beowulf" or the "Company")

Issue of Performance Warrants to Joint Broker and Notice of Exercise

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, has issued 617,284 Performance Warrants (the "Warrants") to Beaufort Securities Limited ("Beaufort"). 

The Warrants have been issued pursuant to Beaufort's engagement as Joint Broker, 17 June 2015, after Beowulf's mid-market share price exceeded 3.04p over a 14-day Volume Weighted Average Price ("VWAP") within 6 months of Beaufort's appointment; a level set approximately 50% over the Warrant exercise price of 2.025p. 

Beaufort will receive an additional 617,284 Warrants if and when Beowulf's mid-market share price exceeds 4.05p over a 14-day VWAP within 12 months of Beaufort's appointment; a level set approximately 100% over the Warrant exercise price of 2.025p.  The Warrants can be exercised within 3-years of their issuance. 

Beaufort has immediately given Notice of Exercise on 617,284 Warrants for which the Company will receive proceeds of £12,500 and 617,284 new ordinary shares will be issued.

Application will be made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM on 21 October 2015 ("Admission"). Following Admission, the Company will have a total of 429,696,540 ordinary shares in issue. The new ordinary shares will rank pari passu with the existing ordinary shares.

Following Admission and in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it will have 429,696,540 ordinary shares of £0.01 each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

Following Admission, the above figure of 429,696,540 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, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer	Tel: [phone]
Cantor Fitzgerald Europe (Nominated Advisor & Joint Broker)
Stewart Dickson / Jeremy Stephenson / Phil Davies / Carrie Drummond	Tel: [phone]
Beaufort Securities Limited (Joint Broker)
Jon Belliss	Tel: [phone]
Blytheweigh
Tim Blythe / Megan Ray	Tel: [phone]

 

END

 

 

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