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BGA injects USD 2.3m in Minesto

Minesto's DG500 tidal power device. Source: Minesto

December 9 (Renewables Now) - BGA Invest AB has invested about SEK 20 million (USD 2.3m/EUR 2.1m) in Swedish marine energy developer Minesto AB by subscribing just over 23% of its ongoing rights issue, Minesto said Monday.

BGA is currently Minesto's largest shareholder.

The other big shareholder, Midroc New Technology, also invested SEK 20 million in the company in October when Minesto held a private placement of identical units as in the ongoing SEK 86-million rights issue.

Midroc is not participating in the current rights issue so that other shareholders can keep their relative share in the company.

As part of the latest issue, Minesto is offering 6.08 million units at a subscription price of SEK 14.12 per unit. Each unit contains one share and one warrant for subscription of shares, exercisable no later than April 30, 2021. The rights issue continues until December 18, 2019.

(SEK 10.0 = USD 1.15/EUR 1.05)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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