2nd Mar 2016 17:07
LONDON (Alliance News) - Beowulf Mining PLC on Wednesday said it has issued a further 7.7 million new shares in the company after the over-allotment option related to its discounted subscription last month was exercised.
Beowulf raised GBP1.25 million through a discounted share subscription late last month, issuing 38.5 million shares at 3.25 pence per share, which sending its share price lower at the time.
The 3.25 pence issue price was a 48% discount to Beowulf's closing share price the day before the subscription was announced, of 6.20 pence on February 24. Beowulf shares closed up 9.9% to 4.15 pence per share Wednesday.
Beowulf said it has issued a further 7.7 million shares at the same price after the over-allotment option was exercised due to "continued demand". Those 7.7 million shares represent around 20% of the total amount of subscription shares on offer.
Overall, the 46.2 million shares issued represent around 9.6% of Beowulf's enlarged issued share capital, with the total proceeds rising to GBP1.5 million following the exercise of the over-allotment option.
By Joshua Warner; [email protected]; @JoshAlliance
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