LONDON (Alliance News) - Beowulf Mining PLC Thursday said it has issued 729,329 shares to settle outstanding amounts owed in relation to its acquisition of Oy Fennoscandian Resources AB last month.
Beowulf has issued 450,000 new shares as a deferred payment for the acquisition, which bolstered Beowulf's iron ore-focused portfolio with a string of early stage graphite exploration projects in Finland.
The other 279,329 new shares were issued to Beaufort Securities Ltd to settle fees owed for services provided to Beowulf.
When that deal to acquire Oy Fennoscandian was signed, Beowulf immediately issued 2.1 million shares and the deferred payment of shares Thursday settles all the payments currently required.
Beowulf could potentially issue a up to a further 4.2 million deferred shares dependent on certain performance milestones being achieved, for a potential total of 6.8 million shares.
The initial 2.1 million shares issued were valued around GBP124,000 based on Beowulf's share price at the time. Based on Beowulf's closing share price Wednesday, the 450,000 shares issued Thursday were worth around GBP25,960. The stock was quoted early Thursday at 5.55 pence, down 3.1%
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Beowulf (BEM)