Swedish marine energy developer Minesto AB (FRA:7MN) on Tuesday said it has secured about SEK 158.2 million (USD 18.6m/EUR 15.5m) in net proceeds from its warrants programme.
Investors subscribed for more than 10.2 million new shares in Minesto by exercising the rights acquired through the purchase of warrants in 2019. The exercise rate was 99.1%.
The subscription period was between January 2020 and April 30, 2021. Between January 2020 and April 2020, the subscription price was SEK 16.20 per share, while between May 2020 and April 2021 the price was SEK 15.79 apiece.
Minesto will use the funds for its large-scale commercial expansion.
"Continued expansion is ensured in our existing projects in the Faroe Islands and in Wales and the Deep Green product is being scaled up for the expansion of ocean energy farms," CEO Martin Edlund commented.