(Alliance News) - Beowulf Mining PLC on Thursday announced a conditional offer for subscription of new ordinary shares to repay financing arrangements and corporate costs.
The Nordic focused, London-based mineral exploration and development company is to offer up to 266.2 million ordinary shares at 0.61 pence each, representing a discount of 19% to the closing share price on March 13.
They will be made available to both current shareholders and new investors residing in the UK via the PrimaryBid platform. No commission will be charged, although a minimum of GBP250 will be required from investors.
The PrimaryBid offer is expected to close at 12:00 GMT on March 28, or earlier if it is oversubscribed.
For investors in Sweden the company is also conducting a preferential rights issue of up to 1.04 billion Swedish depository receipts, worth around GBP6.3 million, over the same period. The SDRs represent interests in ordinary shares and will be offered at a price of SEK0.08 each.
Shares in Beowulf were up 2.7% to 0.77 pence in London at close on Thursday.
By Elijah Dale, Alliance News reporter
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Beowulf (BEM)