Beowulf SDR Rights Issue Oversubscribed

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9 December 2020 

Beowulf Mining plc 

("Beowulf" or the "Company") 

Beowulf SDR Rights Issue Oversubscribed

Beowulf (AIM: BEM; Spotlight: BEO) is pleased to announce the outcome of the Company's rights issue of Swedish Depository Receipts ("SDR Rights Issue"), which ended on 4 December 2020. The SDR Rights Issue was oversubscribed with total subscription requests of approximately SEK 74.2 million (approximately £6.6 million), corresponding to a subscription rate of approximately 131 per cent. As a result, underwriting commitments will not be activated. Through the SDR Rights Issue, a total of 153,172,548 New SDRs will be issued and Beowulf will receive approximately SEK 56.7 million (approximately £5.1 million) (gross). Settlement notes are expected to be sent out today, 9 December 2020.

Background:

Beowulf is conducting an open offer of new Ordinary Shares on a pre-emptive basis of up to approximately GBP 7.3 million in total (gross) ("Open Offer"). The subscription period for the Open Offer ends at 11.00 a.m. (London time) on 18 December 2020. To enable existing holders of Swedish Depository Receipts ("SDRs") to participate in the Open Offer, the Company has offered entitlements to New Ordinary Shares under the Open Offer by way of the SDR Rights Issue, which ended on 4 December 2020. New SDRs in the SDR Rights Issue have also been offered for subscription without preferential rights to institutional investors, other professional investors and the general public in Sweden. Beowulf had prior to the launch of the SDR Rights Issue received underwriting commitments of up to 80 per cent. (approximately SEK 45.3 million) of the SDR Rights Issue.

Subscription and allotment in the SDR Rights Issue:

The SDR Rights Issue ended on 4 December 2020 and was subscribed to a total of approximately SEK 74.2 million (approximately £6.6 million), including pre-subscription commitments, corresponding to a subscription rate of approximately 131 per cent. A total of 153,172,548 New SDRs will be issued and Beowulf will therefore receive approximately SEK 56.7 million (approximately £5.1 million) (gross) as part of the Open Offer. 136,009,107 New SDRs, corresponding to approximately SEK 50.3 million (approximately £4.5 million) and 89 per cent. of the SDR Rights Issue, were subscribed for with the support of subscription rights. 64,482,026 New SDRs, corresponding to approximately SEK 23.9 million (approximately £2.1 million) and 42 per cent. of the SDR Rights Issue, were subscribed for without support of subscription rights. Allotment of New SDRs has been decided upon by the Board of Directors in accordance with the principles stated in the Company's prospectus dated 16 November 2020 ("Prospectus"). Settlement notes are expected to be sent out today, 9 December 2020.

Number of New SDRs:

When the New SDRs are registered with Euroclear Sweden AB, the total number of SDRs in Beowulf will amount to 561,632,677.

Indicative timetable for the SDR Rights Issue:

These times and dates and those mentioned throughout this announcement are indicative only and may be adjusted by the Company in consultation with the Brokers, in which event details of the new times and dates will be notified to the FCA, the London Stock Exchange and Spotlight.

Exchange rate:

This announcement contains certain translations of pounds sterling into amounts in SEK for convenience of the reader based on the exchange rate of £1.00 = SEK 11.2272, being the relevant exchange rate on 8 December 2020. These exchange rates were obtained from the homepage of the Central Bank of Sweden.

Definitions:

Words and phrases defined in the Prospectus bear the same meaning in this announcement.

Enquiries: