Press release from Companies
Publicerat: 2018-11-06 08:00:00
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Kurt Budge, Chief Executive Officer. 6 November 2018 Beowulf Mining plc (“Beowulf” or the “Company”) Exploration Investment in Kosovo Beowulf, the Nordic focused mineral exploration and development company, has acquired new shares representing an initial 14 per cent interest in Vardar Minerals Limited (“Vardar”), a private exploration company with interests in the Balkans, for the consideration of £250,000 to be satisfied in cash (“Investment”). The Company also has an option to make a further investment and increase its ownership in Vardar. This investment provides the Company with exposure to a number of porphyry related copper, gold and base metal targets in the prospective Tethys Arc. The region is rapidly becoming a focus for major exploration investment following significant discoveries in the last decade. Highlights Vardar is a UK registered exploration company with a focus on the metal endowed Balkan region. Vardar was founded by Luke Bryan and Adam Wooldridge, who together also founded Kalahari Metals Limited, a UK company into which Metal Tiger Plc recently announced a second significant investment. More information on Vardar can be found at https://vardarminerals.com/. Kurt Budge, CEO, commented: “We are very pleased to make this investment in Vardar and we are excited about the opportunities that this could bring to Beowulf. “Stepping into a new geography, like Kosovo, only makes sense if you are collaborating with a competent team, which we have in Vardar’s founders, Luke Bryan and Adam Wooldridge, with experienced technical and support personnel in Kosovo. “Chris Davies Non-executive Director and I visited Kosovo and Vardar’s projects in early October. As a potential investor, we were welcomed by a representative of the Government, and by staff at the licencing authority, the Independent Commission for Mines and Minerals (“ICMM”), all keen to show Kosovo as an attractive place for companies to invest, explore and develop mining projects. “One of the goals for 2018 was to identify M&A opportunities that would complement Beowulf’s portfolio. With our initial investment in Vardar, we have taken a modest step into Kosovo, creating diversification for the Company, in commodity mix and geography, and potential upside with additional exploration.” Enquiries: Cautionary Statement Statements and assumptions made in this document with respect to the Company’s current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management"s expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.
Beowulf Mining plc
Kurt Budge, Chief Executive Officer
Tel: +44 (0) 20 3771 6993
SP Angel(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
Blytheweigh
Tim Blythe / Megan Ray
Tel: +44 (0) 20 7138 3204