Beowulf Mining buys Finnish graphite company

(ShareCast News) - AIM-listed mineral exploration and development company Beowulf Mining has acquired privately-owned graphite exploration company Fennoscandian Resources, which has four early-stage exploration projects in Finland.The four projects are Viistola and Haapamäki in eastern Finland, Piipumäki in the South East and Kolari in the North West.The transaction will consist of an initial payment of 2.1m shares with a deferred payment of 450,000 shares.In addition, two equal tranches of shares will be issued on achievement of certain performance milestones. The total number of ordinary shares that may be issued, if all performance milestones are achieved, is 6.75m.Chief executive officer Kurt Budge said: "Fennoscandian gives Beowulf a jump-start into the graphite sector, providing the company with an attractive portfolio of projects in a known and well understood mining jurisdiction."The acquisition of Fennoscandian offers exploration assets and, through our role in the FennoFlake project, enables the company to gain market insight that will guide Beowulf in commercialising Fennoscandian's projects."At 1422 GMT, Beowulf shares were up 6.1% to 6.26p.