Capital Raise Update
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your BEM notes
596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, through the agency of the contact person of the Company set out below, this inside information is now considered to be in the public domain.
Beowulf Mining plc
("Beowulf" or the "Company")
Capital Raise Update
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides an update on the ongoing Capital Raise including confirming Board and Management subscriptions for SEK 2.86 million or £218,000.
Board and Management subscriptions
Beowulf confirms the total commitment from the Board and Senior Management of the Company to subscribe for SEK 2.86 million or £218,000 as follows:
| Subscriptions for SDRs | SEK | £ | Expected number of new SDRs | Expected interest upon Admission | |
|---|---|---|---|---|---|
| Johan Rostin* | Non-Executive Chairman | 500,000 | 38,125 | 6,250,000 | 8,168,768 |
| Mikael Schauman | Non-Executive Director | 250,000 | 19,063 | 3,125,000 | 3,125,000 |
| Rasmus Blomqvist* | Managing Director, Grafintec | 837,573 | 63,865 | 10,469,662 | 19,776,033 |
| Subscriptions for Ordinary shares | SEK | £ | Expected number of new Ordinary Shares | Expected interest upon Admission | |
| Ed Bowie | Chief Executive Officer | 918,033 | 70,000 | 11,475,409 | 11,475,409 |
| Chris Davies* | Non-Executive Director | 91,803 | 7,000 | 1,147,540 | 1,333,427 |
| Ismet Krasniqi | Non-Executive Director, Vardar Minerals | 262,295 | 20,000 | 3,278,688 | 3,278,688 |
| Total | 2,859,705 | 218,052 |
Note: * indicate existing shareholders so will subscribe with existing subscription or preferential rights
The commitments noted above, where not based on existing subscription or preferential rights, may be subject to scale back (as is the case for all new investors) should the Capital Raise be fully subscribed.
Related Party Transaction
The subscription from Ed Bowie (Chief Executive Officer), Chris Davies (Independent Non-Executive Director), Johan Rostin (Non-Executive Chairman), Mikael Schauman (Independent Non-Executive Director), Rasmus Blomqvist (Managing Director, Grafintec) and Ismet Krasniqi (Non-Executive Director, Vardar Minerals) are considered related-party transactions for the purposes of Rule 13 of the AIM Rules. The Company's Nominated Adviser, SP Angel Corporate Finance LLP, considers the terms of the Board and Senior Management subscription to be fair and reasonable insofar as Beowulf's shareholders are concerned.
Capital Raise Update
The subscription period for the Capital Raise, which began on 14 March 2024, runs until 28 March 2024 (12.00 p.m. GMT / 1.00 p.m. Swedish time). The Capital Raise consists of a preferential rights issue of up to 1,035,553,623 Swedish Depository Receipts in Sweden and a conditional offer for subscription of up to 266,282,272 new ordinary shares of 0.1 pence each in the capital of the Company via PrimaryBid in the UK (the "PrimaryBid Offer").
The Company understands that a number of potential subscribers to the PrimaryBid Offer have had difficulties accessing the offer. The PrimaryBid Offer is not directly available on the PrimaryBid website or app but is available through PrimaryBid's extensive network of retail brokers, wealth managers and investment platforms, (subject to such partners' participation). Existing shareholders should be able to access the PrimaryBid Offer through the Corporate Actions departments of their respective brokers or by following the instructions for the website Corporate Actions Tool. New investors should also be able to access the PrimaryBid Offer via the Corporate Actions departments of their brokers. Further information is provided at www.primarybid.com/uk/service-update.
Potential subscribers are recommended to check any deadlines imposed by their brokers as these may differ from the timeline published by the Company.
| 2 | Reason for the notification | |
| a) | Position/status | 1) CEO 2) NED 3) Chairman 4) NED 5) Managing Director, Grafintec |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Beowulf Mining Plc |
| b) | LEI | 213800MV3XGAOASPT433 |
| a) | Description of the financial instrument, type of instrument | ordinary shares of 0.1p each |
| Identification code | GB0033163287 | |
| b) | Nature of the transaction | Purchase of Ordinary Shares |
| c) | Price(s) and volume(s) | 1 0.61p 11,475,409 2 0.61p 1,147,540 3 0.08 SEK 6,250,000 4 0.08 SEK 3,125,000 5 0.08 SEK 10,469,662 |
| d) | Aggregated information | |
| - Aggregated volume | Not Applicable | |
| - Price | ||
| e) | Date of the transaction | 19 March 2024 |
| f) | Place of the transaction | London Stock Exchange / Spotlight |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.