Beowulf Mining PLC - London-based mining company with iron ore, graphite, gold and base metal projects in Sweden, Finland, and Kosovo - Launches retail offer of up to 104.0 million new shares at 2.06 pence each. Offer is for a maximum of GBP2.1 million, with a subscription of at least GBP250 per investor. Meanwhile, starts subscription period for rights issue of Swedish depository receipts, through which it aims to raise up to SEK85.5 million, about GBP6.8 million, at SEK0.27 per SDR. Beowulf says no brokerage or commission fees will be charged. Adds that the SDR offer is part of an overall SEK115 million, or about GBP9.1 million, capital raise. The retail offer and the SDR offer will both close on February 23. The main reason for the SDR offer is to finance the development of the Kallak North iron deposit in northern Sweden, as well as the preparation of the environmental permit application for Kallak North.
Current stock price: 2.75 pence, down 16% on Thursday
12-month change: down 84%
By Tom Budszus, Alliance News reporter
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Beowulf (BEM)