16th Apr 2019 10:11
LONDON (Alliance News) - Beowulf Mining PLC on Tuesday announced a subscription of shares to raise GBP500,000.
The company will issue 8.7 million shares at 5.75 pence each. Shares in the Nordic-focused exploration company were trading 7.4% lower at 6.25 pence each.
The funds raised will be used for general working capital purposes and to support Beowulf's commitment to Vardar Minerals' Kosovan exploration programme, the company explained.
Admission of the new shares to trading is expected on April 25, after which the company will have 588.6 million shares in issue.
"With the announcement of our previous fundraise, I made mention of the adverse market conditions affecting the junior mining sector and the uncertainty surrounding Brexit. I am pleased that investor interest has again been shown in supporting the company, with an offer of additional funding," Chief Executive Kurt Budge said.
He added: "Given the positive trajectory we have with Kallak, our graphite in Finland and our investment in Vardar Minerals, having this extra cash gives the company flexibility in continuing to deploy capital across our business areas and create shareholder value."
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