25th Feb 2016 08:59
LONDON (Alliance News) - Sweden and Finland-focused miner Beowulf Mining PLC on Thursday saw its shares dip as it said it raised GBP1.25 million through a discounted share subscription.
The company said it will issue 38.5 million shares at 3.25 pence per share. The move sent its shares down 28% early on Thursday to 4.4855p, one of the worst performers in the AIM All-Share.
The funding will back Beowulf's plans to extend its mineral portfolio through further acquisitions, along with covering costs at its Kallak iron ore project in Sweden and graphite portfolio in Finland.
By Sam Unsted; [email protected]; @SamUAtAlliance
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