(Alliance News) - Beowulf Mining PLC on Friday said it has raised GBP250,000 in gross proceeds through a share subscription to support Vardar Mineral's Mitrovica and Viti projects in Kosovo and for general working capital purposes.
The mineral explorer will issue 4.3 million new ordinary at price 5.75 pence per share. At October 31, the company held GBP1.1 million in cash.
Beowulf Mining shares in London were down 7.2% at 5.80 pence per share on Friday morning.
The company owns about a 42% stake in Vardar Mineral, which holds exploration licences for the Mitrovica and Viti projects. On Wednesday, Beowulf invested a further GBP100,000 in Vardar Minerals, increasing its ownership to 41.5% from 40.1%.
Beowulf Mining also has projects of its own in Finland and Sweden.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Beowulf (BEM)