Beowulf, the mineral exploration and development company principally focused on the Kallak North and Kallak South iron ore projects in northern Sweden, announced on 21 August 2014 details of a capital raise of up to £2 million, comprising a placing, subscription and open offer.

The circular, setting out further details of the Capital Raising (including certain risk factors and actions to be taken by shareholders), and the accompanying proxy form and application form have been posted today ("Circular").

Subject to shareholder approval, the Company proposes to issue up to 13,333,333 new ordinary shares to qualifying shareholders ("Qualifying Shareholders") at the issue price of 3 pence per share (the "Open Offer Shares") under the terms of the Open Offer set out in the Circular. Qualifying Shareholders may subscribe for Open Offer Shares on the basis of 1 Open Offer Share for every 21 ordinary shares ("Ordinary Shares") held by them on the record date being 5 p.m. on 20 August 2014.

Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request further Open Offer shares through the excess application facility further described in the Circular.

Completion of the subscription and the Open Offer is conditional upon, inter alia, the approval of shareholders which will be sought at the general meeting of the Company to be held at 120 Moorgate, Moorgate, London EC4M 6UR at 11.00 a.m. on 22 September 2014 ("General Meeting"). Notice convening the General Meeting, which contains the resolutions to be voted on at the General Meeting, is contained in the Circular.