Business
Result of Open Offer
Result of Open Offer.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \nRNS Number : 1513S Beowulf Mining PLC 19 September 2014 \n \n\n19 September 2014\n \n \nBeowulf Mining Plc\n(\"Beowulf\" or the \"Company\")\nResult of Open Offer \n \nOn 21 August 2014, Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company, announced details of a proposed capital raise of up to £2 million comprised of a placing, subscription and open offer (\"Open Offer\") (together, the \"Capital Raising\"). \n \nIn particular, under the Open Offer, up to 13,333,333 new ordinary shares (\"Ordinary Shares\") were offered at a price of 3 pence per new Ordinary Share (the \"Open Offer Shares\"). Qualifying shareholders (\"Qualifying Shareholders\") were able to subscribe for Open Offer Shares on the basis of 1 Open Offer Share for every 21 Ordinary Shares held on the record date (being 20 August 2014). Qualifying Shareholders subscribing for their full entitlement under the Open Offer were also able to request additional new Ordinary Shares through the excess application facility further described in the circular of the Company dated 1 September 2014 (the \"Circular\"). The Open Offer closed for acceptances at 11a.m. on 18 September 2014.\n \nThe Company has received valid acceptances in respect of 4,599,151 Open Offer Shares from Qualifying Shareholders. This represents approximately 34.5% of the Open Offer Shares offered. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer entitlement. All eligible applications under the excess application facility will be allocated their Open Offer Shares as applied for.\n \nThe Open Offer and Second Subscription remain conditional, amongst other things, upon the passing of the resolutions at the General Meeting, to be held at 11a.m. on 22 September 2014, and Admission occurring as soon as possible after 8a.m. on 26 September 2014 or such later time or date as may be agreed.\n \nA further announcement will be made following the General Meeting.\n \nOpen Offer: Director Participation\nThe Company advises that, subject to the passing of all proposed resolutions at the General Meeting on 22 September 2014, Clive Sinclair-Poulton has subscribed for 666,667 Open Offer Shares, with a resulting holding of 0.58% in the Company...