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23 March, 2006 - 18:38 By Staff Reporter

Beowulf to raise £500k

Ely-based Beowulf Mining plans to raise £500,000 through a private placing near the end of the month via the issue of 10m shares – or 15.25 per cent of the firm – at 5p per share to City Equities Ltd.Ely-based Beowulf Mining plans to raise £500,000 through a private placing near the end of the month via the issue of 10m shares – or 15.25 per cent of the firm – at 5p per share to City Equities Ltd.

The funds, which will be applied towards advancing Beowulf’s exploration projects in Sweden and general working capital purposes, is the firm’s third fund raising in the last 13 months, bringing the total to £1.1m.

Beowulf was caught unaware in August when joint venture partner, Phelps Dodge Exploration, terminated an option agreement between the two firms that covered the drilling of high grade boulders in North Sweden without giving any reasons for the termination.

In his statement accompanying the firm’s end of year results, Beowulf chairman, Robert Young, said that the disappointment felt at the decision by Phelps to withdraw from its joint venture agreement was offset by the granting of the Ballek licences in northern Sweden, now the subject of a joint venture with the Canadian based Vismand Exploration, and the more recent granting of the Ruoutevare titanium concession.

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