Minesto’s warrant program completed; raises SEK 75M

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.

CEO of Minesto, Dr Martin Edlund Said that they are delighted that so many have chosen to subscribe to new shares in Minesto. This provides Minesto with significant funding, which they will mainly use to the further development of their unique tidal energy technology Deep Green and to thier Holyhead Deep project in Wales, where they 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.

Image Source: Minesto