The exploration company Beowulf Mining states that it needs to secure new financing in the near term to advance its projects and cover working capital. "Even though negotiations are at an advanced stage and term proposals have been received, there is no guarantee that such financing can be obtained or that it will occur on the stated terms. Further updates will be provided as appropriate," the company writes in a statement. The company is working in parallel on a possible sale of the Vardar business as well as capital raising for Grafintec. The company hopes to complete the sale of Vardar in the coming months, but there are no guarantees of this.