Minesto raises USD 8.8m from oversubscribed rights issue

The DG500 kite. Source: Minesto AB

December 20 (Renewables Now) - Swedish marine energy developer Minesto AB has raised about SEK 86 million (USD 8.8m/EUR 7.9m) in gross proceeds from a rights issue that was oversubscribed by 25%.

The company said that the rights issue was subscribed for some SEK 107 million in total. It is issuing nearly 6.1 million shares plus the same number of warrants. In addition, Minesto is issuing about 4.25 million of warrants from the private placement it carried out on October 28, 2019. The warrants give the holder the right to subscribe for one new share no later than April 30, 2021, at a subscription price of SEK 16.20 apiece.

“Together with the private placement in October, we have secured financial resources to both deliver our current projects and to give us the opportunity to initiate more customer collaborations and installation projects [...]”, said Dr Martin Edlund, CEO of Minesto.

Pareto Securities AB acted as the financial advisor and MAQS Advokatbyra served as the legal advisor for this transaction.

(SEK 10 = USD 1.063/EUR 0.956)

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