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(Sharecast News) - Beowulf Mining said on Friday that it was managing its cash position carefully as it pushed toward a May financing deadline, with the company cautioning that it needed to secure additional capital before the end of the month to progress its European exploration projects and maintain working capital.
The AIM-traded mineral exploration company said, following its preliminary results announcement on 27 February and a further update on 31 March, it was in advanced discussions over a range of potential funding solutions and had received and was reviewing a number of proposals and term sheets.
However, the company stressed that while discussions had progressed to an advanced stage, there could be no certainty that financing would be obtained or on the terms being discussed.
The timing remained critical, with Beowulf saying it was managing its cash and creditor position with support from its advisers and anticipated retaining sufficient cash to continue trading through into the second half of May.
Beyond that point, the company cautioned it would need to have secured additional financing to continue operations and progress its projects, which include its flagship Kiirunavaara permit in Sweden and other European mineral assets.
At 1331 BST, shares in Beowulf Mining were up 16.36% at 6.4p.
Reporting by Josh White for Sharecast.com.
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