25 May 2012

Beowulf scoops £6.7m

16/11/2011 Robert Tyerman

Sweden-focused Beowulf Mining (BEM) has raised £6.7 million at a discounted 15p for its Kallak iron ore and Bellek copper and gold projects.

The AIM-quoted company has also agreed to let an unnamed third party, rumoured in the market to be investment oriented with eastern origins, to conduct due diligence on Kallak and its other iron ore project, Routevare.

Steered by entrepreneurial executive chairman Clive Sinclair-Poulton, Beowulf says this six-month due diligence process will be conducted 'with a view to potentially tabling a proposal to acquire a majority interest in or the whole of the company's iron ore assets'. Bulls suggest these could amount to 300 million tonnes or more.

Growth Company Investor recommended Beowulf shares at 2.38p in 2009 and more recently suggested partial profit taking at 59p. Having hit 74.75p, they now trade at 19.25p, up 1.38p today, where they value the company at £32 million.

Hold on to the residue for now.

Tags: AIM market, Clive Sinclair-Poulton, Copper and gold, Iron ore, Sweden, Third party interest

Sector: Mining

Companies: Beowulf Mining

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