Fully Subscribed Capital Raising

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21 December 2020 

Beowulf Mining plc 

("Beowulf" or the "Company") 

Fully Subscribed Capital Raising with Placing of New Ordinary Shares

Beowulf (AIM: BEM; Spotlight: BEO) announces a fully subscribed Capital Raising with the placing of 28,331,207 New Ordinary Shares (the "Placing") to professional Nordic investors at SEK 0.370 per share (the "Placing Price").

The Placing corresponds to the number of unsubscribed Open Offer Shares and is made at the SDR Offer Price (SEK 0.370). The Placing has raised an additional SEK 10.5 million (approximately £ 0.9 million) (gross).

The Placing has been executed to secure the full proceeds of the Capital Raising, as detailed in the Prospectus, and concludes the Capital Raising announced on 6 November 2020.

In total, the Company has conditionally raised approximately £ 7.4 million (approximately SEK 83 million) (gross) from the Capital Raising and the Placing.

Background

As previously announced, the Company has conditionally raised gross proceeds of approximately £ 6.5 million (corresponding to approximately SEK 72.4 million) via the Open Offer (including the fully subscribed SDR Rights Issue).

In order to secure the full proceeds of the Capital Raising, as detailed in the Prospectus, the Board of Directors has responded to continued interest from Nordic investors and decided to conduct the Placing.

The number of new Ordinary Shares issued under the Placing corresponds to the number of unsubscribed Open Offer Shares, with the result that the Company has raised approximately £ 7.4 million (approximately SEK 83 million) in total (gross) from the Capital Raising and the Placing.

Application has been made to the London Stock Exchange for 28,331,207 Ordinary Shares (the "Placing Shares") to be admitted to trading on AIM pursuant to the Placing. The Placing Shares will rank pari passu with the Company's existing issued share capital. It is expected that admission of the Placing Shares to AIM will become effective and that dealings in the Placing Shares will commence on 22 December 2020.

Kurt Budge, Chief Executive Officer of the Company, said:

"With the SDR Offer being oversubscribed and continued interest from Nordic investors, we have been able to execute this Placing.

"Despite the challenges of 2020, for all of us, the Company has been able to complete a fully subscribed Capital Raising.

"Beowulf is now able to step into 2021, financially strong and with growth options across its asset portfolio, in Sweden, Finland and Kosovo.

"The Capital Raising has been almost four months in the making and, on behalf of the Board, I wish to express my sincere gratitude to the Company's advisors in Sweden and the UK, who have done all the hard work to make it happen. Beowulf is benefited by their professional conduct and commitment to the Company.

"I also want to thank our shareholders for their support, many of whom are longstanding and have stuck with the Company. The Company does not take your support for granted.

"Beowulf now looks forward to 2021, when the real work starts."

The following parties have subscribed and been allotted shares under the Placing

Through the Placing, the number of Ordinary Shares increases by 28,331,207, from 799,844,017 to 828,175,224 (corresponding to a fully subscribed Capital Raising).

Total voting rights

Following admission of the Placing Shares to trading on AIM, the Company will have 828,175,224 Ordinary Shares in issue. No Ordinary Shares are held in treasury. The total number of voting rights in the Company is therefore 828,175,224. The above figure may be used by shareholders in the Company as a 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 FCA's Disclosure Guidance and Transparency Rules.

Definitions

Words and phrases defined in the Prospectus published on 16 November 2020 have the same meaning in this announcement.

Exchange rate

An exchange rate of £ 1.00 = SEK 11.1875, as displayed on the homepage of the Central Bank of Sweden on 18 December 2020, has been used to show amounts in both pounds sterling and SEK.

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