Grant of Options to Directors

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company principally focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, announces that options were granted on 17 July 2015 over a total of 17,000,000 ordinary shares of 1 pence, representing approximately 4% in the issued share capital of the Company. The allocation to directors is as follows:

The exercise price of 1.66 pence per share, is a 32.8% premium over the closing mid-market share price on 17 July 2015. The options vest over a two year period with one third vesting immediately on grant, one third on the first anniversary of grant and one third on the second anniversary of grant. The options are valid for five years from the date of grant.  

The options granted to Mr. Budge have been granted under the Company’s Enterprise Management Incentive Scheme while the options granted to Mr. Metcalf have been granted under the Company’s Unapproved Share Option Scheme.

Following the grant, there are 22,054,222 options in issue representing approximately 5.1% of the Company’s issued share capital. Of the total number of options in issue 12,333,334 options have not yet vested.

London 20th of July 2015

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