Beowulf Secures Strategic Investment from Bacchus Capital
Beowulf Mining plc (AIM: BEM & Spotlight: BEO) (“Beowulf” or the “Company”), the mineral exploration and development company, is pleased to announce that it has secured a £3.5 million (US$5.0 million) investment (“The Strategic Investment”) from Bacchus Capital Advisers Limited (“Bacchus Capital”) and affiliated entities (together “Bacchus Capital & Affiliates”), as part of a total proposed financing of £4.0 million (US$5.4 million).
The Strategic Investment will be conducted at a price of 3 pence per share, and result in a significant recapitalisation of the Company, designed to allow it to advance updated project economics and additional impact drilling at its flagship Kallak project, and to enable normal corporate activities thereafter. The Strategic Investment will be preceded by an interim financing measure structured as a Royalty purchase and will be conditional upon completion of necessary approvals anticipated to be received at or about 24 July, the date of the Company’s Annual General Meeting.
New Board and Management Appointments on Completion
Peter Bacchus, Chairman & Chief Executive of Bacchus Capital, will assume the role of Chair at Beowulf.
Ashley Zumwalt-Forbes, former US Department of Energy Deputy Director for Critical Minerals, will join the board as an Independent Non-Executive Director.
Henry Finnigan, founder of TechMet, will join the Advisory Board.
Jeff Towsend, founder of the Global Critical Minerals Association with associations in Australia, United Kingdom, United States and Partnerships in Canada and the Middle East, will join the Advisory Board.
Johan Rostin will step down as Chair and assume role as Non-Executive Director until his retirement during the third quarter of 2026. Mikael Schauman will retire from the board.
Shea O’Callaghan will be appointed to the role of Chief Financial Officer.
Strategic Imperatives
The Company holds two flagship strategic mineral assets, Sweden’s most advanced iron ore project, Kallak, and the integrated Grafintech graphite project in Finland. The Strategic Investment will de-risk the evaluation and progress of these high-quality mineral projects. In addition, as a result of the Strategic Investment, the Company will be fully funded through to the end of 2027.
Against a backdrop of Europe’s increasing awareness of its requirement to secure access to critical minerals supply chains for electrification, technology and defence, Beowulf is well positioned to create a leading European critical minerals company, leveraging its minerals expertise in key strategic Scandinavian jurisdictions alongside Bacchus Capital’s track record of company building and access to capital markets.
Existing Convertible Loan Note
Pursuant to the Strategic Investment, the Convertible Loan Note provided to the Company on 19 December 2025 will be discharged by the issue of up to 3.56m shares and a payment to the loan note holder of up to approximately US$157,000. A payment of US$286,000 will also be made to the holder of the Convertible Loan Note in exchange for the removal of certain anti-dilution clauses in order to facilitate the Strategic Investment.
Interim Financing Secured
In connection with the Strategic Investment, Bacchus Capital & Affiliates will provide the Company with interim financing for the period in which approvals are sought, via the issuance of a small royalty over the Company’s Kallak and Grafintec assets.
The Company will have the option to repurchase and cancel the royalty over Kallak for upon repayment of US$115,000 cash consideration at completion of the Strategic Investment.
Strategic Investment Timeline and Conditions Precedent
Completion of the Strategic Investment is subject to approvals by shareholders and the Takeover Panel, as well as Foreign Direct Investment approval in the relevant jurisdictions.
Beowulf intends to hold a general meeting on or about the 24th of July to enable the shareholders to vote on the Strategic Investment.
