Minesto’s warrant program completed; raises SEK 75M
(WK-intern) – Minesto’s warrant program TO1 is now completed with 91 percent of outstanding warrants being exercised.
This means that Minesto will add approximately 75 SEK million in proceeds to the further development of the unique tidal energy technology Deep Green.
The subscription period of the warrants “Minest TO1” issued in connection with Minesto’s IPO in November 2015 ran 1–28 February, 2017. In total, 11,931,743 new shares were subscribed, corresponding to a subscription rate of 90,7 percent. This means that Minesto will add a total of 75,2 SEK million in proceeds before issue costs.
“We are delighted that so many have chosen to subscribe to new shares in Minesto”, says Dr Martin Edlund, CEO of Minesto. “This provides Minesto with significant funding, which we will mainly use to the further development of our unique tidal energy technology Deep Green and to our Holyhead Deep project in Wales, where we will install the first commercial-scale power plants.”
The new shares have been delivered to the subscriber’s account as interim shares. Next, they will be admitted to trading on First North as soon as the issue has been registered with the Swedish Companies Registration Office and Euroclear, which is expected to occur about three weeks after the subscription period’s ending on 28 February.
Marine energy leader Minesto attracts another multi million euro investment / Photo: Minesto