Beowulf Mining Announces WRAP Retail Offer to Raise up to £738,000
Why we think this is good
The RNS announcement details a WRAP Retail Offer to raise up to £738,027 through the issue of new ordinary shares. This additional funding is a positive development for the company, as the proceeds will be utilized in the same way as the proceeds of the Placing and Rights Issue, which aim to raise up to £4.6 million in total. The announcement does not contain any information about profit upgrades or trading significantly ahead of expectations, so the maximum sentiment score that can be assigned is 'GOOD'.
Key Points
- WRAP Retail Offer to raise up to £738,027 through new ordinary share issue
- Retail Offer is proportionate in size to the previously announced Rights Issue and Placing
- Total capital raise of up to £4.6 million, including the Retail Offer, Placing and Rights Issue
Summary
Beowulf Mining plc is pleased to announce a WRAP Retail Offer to raise up to £738,027 through the issue of new ordinary shares. The Retail Offer is approximately proportionate in size to the previously announced Rights Issue and Placing, which together aim to raise up to £4.6 million in total. The proceeds will be utilized in the same way as the Placing and Rights Issue.