Business
Convertible Loan and Corporate Adviser Appointment
Beowulf Mining plc has secured £500,000 in unsecured convertible loan notes from Alumni Capital Limited to provide short-term working capital, with the investor also receiving warrants for 4,329,004 ordinary shares exercisable at £0.1155. The company has also appointed Marex Financial as its Corporate Adviser. This funding is intended to support operations for at least the next twelve months while Beowulf pursues other funding solutions, including the potential sale of Vardar for €4 million and seeking €5 million in equity and a €7 million loan for Grafintec Oy. The company estimates SEK 31 million (£2.5 million) is needed to complete the Pre-feasibility Study and Environmental Permit application for Kallak. Disclaimer*
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n\n\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (\"MAR\") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this announcement this inside information is now considered to be in the public domain.\n \n \n22 December 2025\n \n \nBeowulf Mining plc\n \n(\"Beowulf\" or the \"Company\")\n \nConvertible Loan and Appointment of Corporate Adviser\n \nBeowulf (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, is pleased to announce, further to the announcement released 26 November 2025, that the Company has entered into an unsecured convertible loan (the \"Loan\"), pursuant to which Alumni Capital Limited (the \"Investor\") has agreed to subscribe for an aggregate of £500,000 unsecured convertible loan notes (\"Loan Notes\"). The Loan will provide short-term working capital while Beowulf seeks to close a number of other funding solutions with the objective of enabling the Company to advance both its core assets for at least the coming 12 months. In connection with the Loan, the Company has also entered into a warrant agreement with Investor, pursuant to which the Company has agreed to grant warrants to subscribe for 4,329,004 ordinary shares to Investor (the \"Warrants\"). \n \nBeowulf is also pleased to announce the appointment of Marex Financial as Corporate Adviser with immediate effect.\n \nEd Bowie, Chief Executive Officer of Beowulf, commented:\n \n\"Entering into this Loan with the Investor is the first step in the funding strategy we outlined at the end of November. The Loan will provide the short-term capital that will allow us to seek to close the sale of Vardar and raise the capital for Grafintec. Closing both of these transactions will enable us to advance our core assets over at least the next 12 months.\"\n \nThe Loan\n \nThe Investor has agreed to subscribe for the entirety of the Loan Notes for an aggregate sum of £500,000 in accordance with the terms of the Loan. The Loan Notes have a maturity date of 12 months following the date of issue (the \"Maturity Date\").\n \nThe Investor has the option to convert all or part of the outstandin...