Minesto raises SEK 44.4 million from warrants program

(WK-intern) – Marine energy developer Minesto has concluded its warrants program of series TO 2.

In total, 98 percent of outstanding warrants were exercised, which means that Minesto will add approximately SEK 44.4 million in proceeds before issue costs to the commercialisation activities of the company’s unique subsea kite technology.

Commenting on the outcome of the warrants program Minesto’s CEO Dr Martin Edlund said: “We are pleased that so many have chosen to exercise their warrants and subscribe for new shares in Minesto. We will use this capital injection together with our other sources of funding to continue the development of our Deep Green technology as well as existing and new projects, to establish our product on the market.”

In total, 6,336,031 new shares in Minesto AB were subscribed through the warrants program, corresponding to a subscription rate of 97.8 percent. This means that Minesto will add approximately SEK 44.4 million in proceeds before deduction of issue costs.

The new shares have been delivered to the subscriber’s account as interim shares. Next, they will be admitted to trading on Nasdaq 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 8 February.
Advisor

Stockholm Corporate Finance AB acted as financial advisor and MAQS Law Firm acted as legal advisor to Minesto in connection with the rights issue carried out in February 2018 and in which the warrants of series TO 2 were issued.

PR: Minesto

Pressebild: Minesto