Nordic-focused mineral exploration and development company Beowulf Mining has announced that it will raise £500 000 by issuing shares at 5.75p each.
The funds are for general working capital purposes and for supporting its commitment to Vardar Minerals’ Kosovan exploration programme, the company said in an announcement on Tuesday.
"With the announcement of our previous fundraise, I made mention of the adverse market conditions affecting the junior mining sector and the uncertainty surrounding Brexit. I am pleased that investor interest has again been shown in supporting the company, with an offer of additional funding,” said CEO Kurt Budge.
Beowulf on April 1 announced a £750 000 capital raising, part of which it used to increase its stake in Vardar Minerals from 14.1% to 31.3% and to fund the private explorer’s 2019 exploration programme.
"Given the positive trajectory we have with Kallak, our graphite in Finland and our investment in Vardar Minerals, having this extra cash gives the company flexibility in continuing to deploy capital across our business areas and create shareholder value,” Budge added.
Vardar’s Kosovan exploration programme targets lead/zinc/silver, copper and gold mineralisation at the Mitrovica project and copper/gold, lithium/boron mineralisation at the Viti project.