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Shares in Beowulf Mining PLC tumbled on Friday after the company confirmed final terms for a multi-part capital raise targeting gross proceeds of up to £4.6 million, aimed at advancing its flagship projects in Sweden and Finland. The mineral resource developer conditionally raised £1.0 million via a placing of nearly 9.9 million new shares at 11 pence each. It also launched a rights issue of up to 27.3 million Swedish Depository Receipts, expected to raise around £3.0 million if fully subscribed. A UK retail offer through the Winterflood Retail Access Platform could add another £700,000. Shares fell as much as 44% to 11.15 pence on Friday, hitting a 12-month low. Beowulf said net proceeds from the fundraising will be used primarily to fund the pre-feasibility study and environmental work at its Kallak Iron Ore project in northern Sweden and to progress its Graphite Anode Materials Plant in Finland. A portion will also go toward repaying existing bridge loan facilities and extending working capital into the first quarter of 2026. Chief Executive Officer Ed Bowie said the raise supports Beowulf’s efforts to unlock value across its portfolio, noting recent progress including the completion of the GAMP PFS and advancing studies at Kallak. ‘We thank shareholders for their support in getting to this point and hope you will continue to support through the next exciting phase,’ he added. The capital raise is subject to shareholder approval at a general meeting scheduled for April 8. A prospectus for the rights issue is expected around April 15, with trading in new shares to begin by late May. Beowulf said it has received SEK15 million, around £1.21 million, in underwriting commitments for the rights issue, around 40% of the offer. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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