Business
Subscription, Equity Swaps and General Meeting
Subscription, Equity Swaps and General Meeting.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \nRNS Number : 9628I Beowulf Mining PLC 10 July 2013 \n \n\n10 July 2013\nBeowulf Mining Plc\n(\"Beowulf\" or the \"Company\")\n \nSubscription and Proposed Subscription to raise £4.125m gross, \nEquity Swaps and General Meeting\nBeowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration company focused on developing its Kallak North and Kallak South iron ore deposits in northern Sweden, is pleased to announce that it has raised, in aggregate, £4.125m (before expenses) from new shareholders by way of a subscription for 28,694,000 new ordinary shares of 1p each in the capital of the Company (\"Ordinary Shares\") (the \"Initial Subscription Shares\") at a price of 6.25p per share (the \"Subscription\") and a conditional subscription for a further 37,306,000 new Ordinary Shares (the \"Second Subscription Shares\") at a price of 6.25p per share (the \"Proposed Subscription\"). \n \nUse of Proceeds\nThe net proceeds raised will be used to augment the Company's existing cash resources and assist with funding:\n· the planned 3,000m additional drill programme later this year at its Ballek copper-gold joint venture project;\n· to further progress its Kallak iron ore project;\n· for general working capital purposes; and \n· potentially, for the acquisition of additional assets to complement its existing attractive exploration portfolio.\nDetails of the Subscription, Proposed Subscription and Equity Swaps\nThe Company has issued the Initial Subscription Shares under its existing share capital authorities and is proposing to issue the Second Subscription Shares under new authorities to be sought at a General Meeting to be convened shortly (the \"General Meeting\"), notice of which will be included in a circular expected to be posted shortly to those shareholders who have elected to receive hardcopy shareholder communications from the Company and which, once posted, will also be made available to download from the Company's website at www.beowulfmining.net. \nLanstead Capital L.P. (\"Lanstead\"), a new institutional investor in the Company, has subscribed for all of the Initial Subscription Shares and 35,306,000 of the Second Subscription Shares, together being 64,000,000 new Or...