Beowulf Mining PLC - Sweden, Finland and Kosovo-focused mining company - Says intends to undertake capital raise to advance Kallak iron ore project in northern Sweden, the graphite anode materials plant in Finland, and for general corporate purposes. Aims to raise about SEK100 million, around GBP7.5 million via retail offer of shares. Further, a rights issue will be for about SEK80 million before deduction for costs. Main reason for intended fundraise is to complete the ongoing pre-feasibility study and environmental studies in preparation for the environmental impact assessment and application for environmental permit for Kallak.
"Given the quality of the concentrate that the Kallak project is expected to produce, the company has already received interest from a number of third-parties. As the project is advanced further, it is anticipated that this interest will increase and the company will consider opportunities to form strategic partnerships that could de-risk the project from financing, technical, and market access perspectives and enable an accelerated development," Beowulf says.
Current stock price: 1.32 pence, down 18% on Friday morning in London
12-month change: down 47%
By Tom Budszus, Alliance News slot editor
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Beowulf (BEM)