(Alliance News) - Beowulf Mining PLC on Monday said it has exercised its Vardar Minerals Ltd option, investing another GBP115,000 to lift its stake to 40%.
Shares in Beowulf were down 9.4% at 7.02 pence in London during late morning trade.
Beowulf acquired a 14% stake in Vardar Minerals, which is developing the Viti gold and base metals licence in Kosovo, for GBP250,000 in November 2018. Then, in April 2019, exercised an option to raise its stake in Vardar to 38% for GBP750,000.
Now, Beowulf has exercised its option to take its stake to 40% for a GBP115,000 payment.
Chief Executive Kurt Budge said: "With a series of recent announcements about Vardar's exploration achievements at Mitrovica and Viti, and following the board's excellent visit to Kosovo, Beowulf has exercised its option to increase its ownership of Vardar to 40.1%.
"I look forward to keeping the market updated on further progress in Kosovo."
By Anna Farley; annafarley@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Beowulf (BEM)