Last checked at 
LONDON (Alliance News) - Beowulf Mining PLC saw its shares fall Tuesday morning after it issued just over 2.0 million new shares to three of its directors, a deal that follows the board's decision last October to take some of their salary and fees in shares instead of cash.
The mineral explorer focused on the Kallak iron ore project in Sweden said it has issued Chief Executive Kurt Budge with 716,426 shares, Chief Operating Officer Jan-Ola Larsson with 686,523 shares and Non-Executive Chairman Bevan Metcalf with 632,508 shares. It based the allocation on its Monday closing price of 2.25 pence.
It said the move by the directors to take some of their salary and fees in shares, which it described as a salary sacrifice that aligned their interests with those of shareholders, had saved it some GBP45,798 in cash.
"The salary sacrifice made by the directors since last October has enabled limited cash resources to be focused on value creation during a challenging period for juniors. It is a clear demonstration of the directors commitment and intent to take Beowulf forward," sad Metcalf.
Beowulf Mining shares were down 4.7% at 2.14 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
