Placing Completed

RNS Number : 4374U

Beowulf Mining PLC

24 June 2009

 

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
Clive Sinclair-Poulton, Chairman	Tel: [phone]
Strand Partners Limited
Simon Raggett / Matthew Chandler	Tel: [phone]
Alexander David Securities Limited
David Scott / Nick Bealer	Tel: [phone]
Lothbury Financial Limited
Gary Middleton / Ron Marshman	Tel: [phone]
or visit http://www.beowulfmining.com

 

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