12th Aug 2026 17:20
(Alliance News) - Beowulf Mining PLC on Wednesday said its proposed GBP4.3 million financing remains subject to foreign direct investment approval in Sweden, with completion expected shortly after clearance.
The explorer of iron ore, graphite, gold and base metals, targeting Sweden, Finland and Kosovo said the Swedish Inspectorate of Strategic Products has requested supplementary information regarding the investment, which the company believes will allow its notification to be deemed complete from August 6.
Subject to no additional screening being required, approval is expected in September.
The update relates to the financing announced in June involving Bacchus Capital Advisers and its affiliates, which was subsequently increased to GBP4.3 million. Under the deal, Bacchus is due to acquire a 30% stake in Beowulf's enlarged share capital and 35.8% interest transferred from Bacchus Capital Advisers to Bacchus Capital Tactical Situations 3 Ltd.
The financing is intended to fund technical and environmental work at the Kallak iron ore project in Sweden, as well as strategic growth opportunities for Grafintec in Finland.
The investment is expected to result in Bacchus and its affiliates taking a significant stake in Beowulf and provide funding for technical and environmental work at the Kallak iron ore project in Sweden, as well as strategic growth opportunities for Grafintec in Finland.
Beowulf also said the ownership structure of Bacchus Strategic Minerals will be adjusted before completion, but that the change does not alter the previously disclosed investment arrangements.
Shares in Beowulf Mining closed down at 4.8% to 10.00 pence on Wednesday in London.
By Niall Holden, Alliance News reporter
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