The exploration company Beowulf Mining is taking a convertible loan of GBP 500,000, approximately SEK 6.2 million. The lender is Alumni Capital Limited, according to a press release. The loan has a term of 12 months and can be converted into shares at any time during the period. The interest rate is 10 percent. The conversion price is set at a 10 percent discount to the lowest daily price during the 20 days prior to conversion. "Entering into this loan with the investor is the first step in the financing strategy that we presented at the end of November. The loan will provide the short-term capital that enables us to complete the sale of Vardar and raise capital for Grafintec. By completing both of these transactions, we will be able to develop our core assets for at least the next 12 months," says Beowulf Mining's CEO Ed Bowie in a comment. Beowulf has also decided to enter into a warrant agreement with the lender. Approximately 4.3 million warrants will be issued in total. The exercise price is set at GBP 0.1155 per share. Beowulf is working on several financing solutions to move the Kallak iron ore project in Sweden and the GAMP graphite project in Finland to the next phase. A non-binding offer of EUR 4 million has been submitted for the subsidiary Vardar. At the same time, work is underway to raise a total of EUR 12 million for Grafintec via equity and loans from Business Finland.Beowulf Mining hopes that the transaction regarding Vardar in Kosovo will be completed in the coming months. Among other things, due diligence remains. The exploration company estimates that it will take up to six months to complete both the financing in Finland and the sale of Vardar. Beowulf estimates the budget for completing the feasibility study and the environmental permit application at Kallak at approximately SEK 31 million. The amount also includes administrative costs for the subsidiary Jokkmokk Iron over a 12-month period. The work is intended to pave the way for continued development of the iron ore project in Sweden.At the same time, the company assesses that interest in the asset in northern Sweden will increase as more permits are put in place. The company is also working to attract more capital.