Beowulf Regulatory News (BEM)

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9 July 2015

Beowulf Mining plc

("Beowulf" or the "Company")

Placing and Subscription to raise £650,000

Issue of Equity

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company principally focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, is pleased to announce a placing and subscription of £650,000 before expenses.

Details of the Placing, Subscription and Issue of Equity

The Company has placed 49,600,000 new ordinary shares (the "Placing Shares") and Directors have subscribed for 2,400,000 new ordinary shares (the "Subscription Shares") to raise approximately £650,000 (before expenses) at a price of 1.25 pence per new ordinary share (the "Issue Price"). The Placing was oversubscribed.

The Directors of the Company participated in a Subscription as follow:

In addition, the Company has issued 617,284 new ordinary shares to Beaufort Securities Limited at a price of 2.025p in lieu of their broker fees for six months.

Application will be made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM on 23 July 2015 ("Admission"). Following Admission, the Company will have a total of 429,079,256 ordinary shares in issue. The Placing Shares and Subscription Shares will rank pari passu with the existing ordinary shares.

Following Admission and in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it will have 429,079,256 ordinary shares of £0.01 each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

Following Admission, the above figure of 429,079,256 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"With limited cash Beowulf has been able to further demonstrate the quality of Kallak North and move closer to what we hope is a positive decision on the Exploitation Concession; news of both developments being well received by the market.

"It is a real challenge to create value without the cash to develop ideas; with the proceeds of this fundraising we can now accelerate the implementation of our strategy."

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