STOCKHOLM, Feb. 11, 2019 /PRNewswire/ -- 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.
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.
For additional information please contact
Communications Manager, Minesto AB
The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 15:45 CET on 11th of February 2019.
Minesto is a marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean.
Minesto's award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.
In May 2015, Minesto secured a €13m investment from the European Regional Development Fund through the Welsh European Funding Office, for the commercial rollout of Deep Green.
Minesto was founded in 2007 and has operations in Sweden, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on the Nasdaq First North Stockholm stock exchange. Certified Adviser is G&W Fondkommission, email: firstname.lastname@example.org, telephone: +46-8-503-000-50.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via bit.ly/minestomedia.
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SOURCE Minesto AB