Member Info for Hastyretreat

Don't forget the premium for high quality ore.

https://www.di.se/nyheter/naringsministern-prickas-i-ku-ignorerade-gruvbolag-i-tre-ar/

After a unanimous constitutional committee..

The article quotes that they:
'can reveal that there are government negotiations on the issue that would not be political.'

This sounds very positive indeed if true.

"The big question in the end is whether we should have a mining industry in Sweden or not," says Beowulf Mining's chairman Sven Otto Littorin.

From the facebook page:
KU has examined the application for processing concession for Kallak. In that case, no visible administrative measures were carried out for nearly three years. This means a delay that is not acceptable, according to KU.

Does anyone know what happens now? Nothing done for 3 years and severe financial implications. Heads should roll but won't!

Suzy - it didn't fall last time as it was a bridging loan and no shares were issued, as the repayment date was feb/mar 2021 - the bridging loan is being paid this time and is effecting the sp. I really hope it doesn't get to 3p!

Fair enough Pocko. The 26th is still my d day - as I fear weakness from the KU will kill Kallak, the share price and at the very worst BEO's and my/our investment. Action from them and my chips are in the game.

Pocko I'm guessing you changed your tune a while back after one of Kurt's famous personal phone calls.

It is on the website and we will have time.

The way I see it 3card is £6m after expenses.
£3.3m ish for bridging loan and capital expenditures etc.
£2.7m left (of which £2.3m is not underwritten), so are hedging their bets in case they don't raise the money.

From the RNS:

Additional proceeds from the Capital Raising, up to the maximum net proceeds of approximately £6 million, will be used to expand and accelerate the Company's work programmes across each of the three business areas, which could include resource drilling in Kosovo and initiating a Pre-feasibility Study for Kallak

Again an expensive way to raise cash and very expensive if it falls short.

The 3m or rather 2.7m could be used for...it is towards the bottom of the cash register RNS on 6th Nov. I am not a fan of the 'could use' funds for line either. I guess the raising may not get the whole amount, so they don't want to overcommit but 2.7m is a lot of cash to sit on just in case. I see it purely as an overly costly fundraising that is screwing a lot of LTH (not all) to feathering the nest of the Finland and Kosovo projects in case Kallak gets rejected and keeps the BOD in a job and on easy Street for the next few years.
I accept dilution in an explorer, but after 6 years of Kurt this will result in a 3 fold increase in shares issued under his stewardship and our flagship project still floundering with endless feasibility studies planned and shed loads of cash going to a high prospective Kosovo company with no decent financials and only 46% ownership.

I am with Suzy on I'll wait until the 26th and KU findings before fully deciding, as it feels like if I don't take part I'll get screwed and if I do the BOD are laughing all the way to the bank as more jam tomorrow is promised.

Although the bid and the ask haven't changed. To sell you would get less than the mid price an probably why the share price hasn't changed

That is odd Alamal

Indeed it does Suzy.

Also 22% on Kosovo - into a company that we only own 46% of. I know it is not Agricola resources or CSP flushing away company money but we need more clarity on this from Kurt. Yes on the surface it seems all sparkly and interesting but quite murky at the same time. What is the upside for BEO in terms of ownership, what is the value of Vardar, what are they paying and what are we paying for (us probably everything)? How endless is the board prepared to back Kurt's new toy to distract us from a complete lack of action and progress on Kallak in 6 years?
Also I do like the breakdown on what they are spending the £6m on, but what are his plans for the extra £2.7m that is not accounted for, as 'could include' is too woolly for that amount of cash!

Pocko- The total estimated issuing costs of the Capital Raising payable by the Company are approximately £1.2 million . Of the total estimated issuing costs, corresponding to approximately £0.48 million (approximately SEK 5.4 million) are attributable to cash compensation to the underwriters of the SDR Rights Issue.

The £1.1m or 34% of the Capital Raising is to repay the bridging loan (IE of the remaining £6m)

I agree with TFE on this - once you take the dilution into account the discount is minimal (35% is very similar to the amount of shares being diluted).
Someone else already said it on here that it is an expensive way to raise money!

Alamal - a cut and paste of what I got:
Beowulf Mining has announced that it will conduct an Open Offer of up to 225,841,752 new Ordinary Shares to Qualifying
Shareholders at GBP0.0316 per Share on a pre-emptive basis to raise up to approximately GBP7.3 million (gross).
The Company is offering 3 Open Offer Shares for every 8 Existing Ordinary Shares at the Issue Price of GBP0.0316 per
Share held by Shareholders at close of business on the Record Date of 16 November 2020.
Terms: offering 3 Open Offer Shares for every 8 Existing Ordinary Shares at the Issue Price of GBP0.0316 per Share.
Expected timetable:
16 November 2020 – Open Offer Record Time for Open Offer Entitlements (18:00)
17 November 2020 – Ex-entitlement Date for the Open Offer (08:00)
You are not required to take any action at this time.

It is odd Al - is it a MM signal or someone emptying their piggybank?

Quick Baylan look like you are doing something. Write a letter, shred some documents...at least pretend you've been doing something.

Sorry 0.0166p per share. Missed a decimal point out.

0.166p per share Suzy.

It wasn't necessary at all in my opinion. If Kurt had brought Kallak home, as is his job then nobody would be questioning this, or the barrow loads of cash he would make. In short 300k is not enough for him (not to deliver) and the BOD look out for themselves, as it is easier to be generous with PI's cash. He wants to benefit in the hope of this never appearing re-rating. Yes Kurt has stabilised the company and diversified the company, but the main reason most shareholders are locked in here is Kallak and he hasn't yet delivered it but endlessly has hinted of its imminence. I really hope he does soon but the big fundraising dilution is to develop Kosovo and Finland whilst Kallak still flounders whilst painting a positive picture to investors; strenuously holding his fingers behind his back about Kallak imo. Good luck all, as this share seriously wears you down.