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LONDON (Alliance News) - Beowulf Mining PLC shares were trading lower on Tuesday after the company said it has raised GBP350,000 via a discounted share placing.
Beowulf said it placed 29.2 million new shares at 1.2 pence per share. Beowulf shares were down 13% to 1.345 pence on Tuesday morning, one of the worst performers in the AIM All-Share.
"We are pleased to deliver a capital raising in a tough market for junior mining companies. The capital raise comes on top of the GBP150,000 injection announced earlier in the year," said Beowulf Chief Executive Kurt Budge.
"Furthermore it represents another milestone for the Beowulf leadership team and provides us with the working capital to focus on gaining an early and positive decision by the Swedish government on the Kallak North exploitation concession, and to concurrently advance other value creating opportunities," Budge added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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