Business
Placing raises £1m
Placing raises £1m.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n RNS Number : 5493I Beowulf Mining PLC 15 March 2010 \n \n\n15 March 2010\nBeowulf Mining Plc\n(\"Beowulf\" or the \"Company\")\n \nPlacing to raise £1,000,000 \n \nBeowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, is pleased to announce that on Friday 12 March 2010 it agreed to place 40,000,000 new ordinary shares of 1p each in the Company (\"Placing Shares\") at a placing price of 2.5p per ordinary share (the \"Placing\") to raise £1,000,000 before expenses. The net proceeds from the Placing will be used to finance the commencement of a planned drilling campaign at the Company's two major iron ore projects (Ruoutevare and Kallak), the assessment of potential opportunities for commercial expansion and general working capital purposes. \n \nThe Placing Shares were placed by the Company's broker, Alexander David Securities Limited, with both new and existing investors. The Placing is conditional on admission of the Placing Shares to trading on AIM.\n \nThe Placing Shares will represent approximately 27.42 per cent. of the enlarged issued share capital of the Company. The Placing Shares will be fully paid and will rank pari passu in all respects with the existing ordinary shares of 1p each in the Company. Application has been made for the Placing Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 18 March 2010. The total number of ordinary shares in issue following completion of the Placing, and the total number of voting rights, will be 145,898,247.\n \nThe above figure of 145,898,247 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Beowulf under the FSA's Disclosure and Transparency Rules.\n \n \nClive Sinclair-Poulton, Executive Chairman of Beowulf commented: \n\"Further to the very positive conceptual studies received recently from the Raw Materials Group on our Ruoutevare and Kallak projects, it makes commercial sense to seek to increase the quantity and quality of these two assets. W...