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Share Price: 40.00
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TRADING UPDATES: Beowulf raises funds for Kallak iron ore project

Mon, 04th Mar 2024 19:59

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Beowulf Mining PLC - London-based mining company with projects in Sweden, Finland and Kosovo - Announces terms of previously announced fundraise. Says rights issue of Swedish depository receipts will raise up to GBP6.3 million, while a retail offer of ordinary shares in the UK will raise around GBP1.6 million. Notes the SDRs will be offered at SEK0.08 each and the shares at 0.61 pence each. Adds the SDRs will also be offered for subscription, without preferential rights, to institutional investors, other professional investors and the general public in Sweden. Beowulf says it has has received underwriting commitments for the rights issue for around 60% of the total. Explains proceeds will be used mainly to finance the continued development of the Kallak iron ore project in northern Sweden, including completion of the ongoing pre-feasibility study and environmental studies. Funds will also repay amounts advanced under the bridge loan financing arrangements, and corporate costs.

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Kefi Gold & Copper PLC - exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield - Plans to raise GBP4.5 million placing at 0.6 pence per share. Further, issues 83.3 million shares to cover accrued fees to certain directors and advisers. In addition, launches retail offer at the same issue price. Explains funds will underpin the launch of the Tulu Kapi Gold project by mid-2024.

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LungLife AI Inc - California-based developer of clinical diagnostic solutions for early lung cancer detection - Plans to raise around GBP1.8 million via a GBP1.56 million placing at 35 pence each and a GBP250,000 subscription at the same price. Explains net proceeds, along with existing cash resources, are expected to be utilised to establish the commercial proof of concept of the company's LungLB test. Notes funding is expected to provide the company with a cash runway to early April 2025.

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RC365 Holding PLC - London-based company focusing on payment gateway solutions and IT support services - Enters into an unsecured convertible loan note with Mill End Capital Ltd for up to GBP4 million. Says net proceeds of the unsecured loan will be used for the continuing development of existing operations with a particular focus on expanding operations in Malaysia, Japan and the UK. States the first tranche of the CLN comprises GBP600,000, the second tranche a further GBP1.4 million. Any further tranche shall be at the written request of RC365 and discretion of the lender, but will not exceed GBP4 million, RC365 says.

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Faron Pharmaceuticals Ltd - Turku-Finland-based clinical-stage biopharmaceutical company - Announces binding commitments worth GBP3.2 million for convertible loans obtained from certain existing shareholders. Explains this allows it to make critical payments to third parties under agreed waivers with IPF. Says this secures its short-term financing needs until the end of March. Faron says talks continue to secure its short and longer-term financing needs, including first additional bridge financing of around EUR5 million. In addition to the short-term bridge financing, Faron intends to propose to the Annual General Meeting an authorization for a larger share issue. In total, Faron expects to need EUR35 million of financing to complete the enrolment of the phase 2 of the BEXMAB study and to obtain regulatory feedback from the US Food & Drug Administration. At February 19, notes cash and cash equivalents held by Faron totalled EUR4.3 million.

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Supernova Digital Assets PLC - looks to identify investment and business building opportunities in the Solana and crypto currency ecosystem - Plans return to shareholders. Intends to achieve this by purchasing its own shares through a tender offer. Further, raises GBP242,000 via placing at 0.1 pence per share.

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Celsius Resources Ltd - explorer focused on portfolio of copper-gold resources in the Philippines - Advises that trading will be halted on the Australian Securities Exchange effective from March 5 further to the company's request. Celsius says it requested the suspension ahead of an announcement in relation to its flagship Maalinao-Caigutan-Biyog copper-gold project and the issuance of project sensitive documents by the Philippine National Government. Says trading on the AIM market of the London Stock Exchange remains unaffected.

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Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and the UK - Sells shares in its subsidiary Mast Energy Developments PLC worth GBP29,350. Notes proceeds will be used to pay down the balance balance on the bridge loan facility with RiverFort Global Opportunities PCC Ltd. Holds 33% stake in MED following the share sale.

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Braveheart Investment Group PLC - Dodworth, England-based investment company - Provides update on one of its investments, Paraytec Ltd. Notes Paraytec develops high performance specialist detectors for the analytical and life sciences instrumentation markets. In December, Braveheart sought a buyer for Paraytec, of which it owns 100%. But, notes it has been unable to secure an attractive offer and therefore decides to retain Paraytec within its portfolio.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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UK shareholder meetings calendar - next 7 days

Monday 10 June 
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.

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IN BRIEF: "Administrative issue" delays Beowulf's Vardar consolidation

Beowulf Mining PLC - minerals and metals exploration company with operations in the Nordics including the Kallak iron ore asset in northern Sweden - Says that its planned consolidation of 100% ownership of Vardar Minerals Ltd has been delayed due to an unspecified "administrative issue". The transaction was expected to close on Friday, but the company now says that completion will take an additional two weeks. Vardar is a Balkans-focused exploration company in which Beowulf currently holds a 61% stake. Beowulf previously said that the consolidation would provide it with "full control and flexibility to drive the development of Vardar", as well as its exploration portfolio in Kosovo.

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Beowulf announces two-week delay to Vardar ownership process

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Beowulf Mining raises funds via subscription and PrimaryBid offer

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Beowulf Mining appoints project manager to Kallak

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