Minesto’s Dragon 4 tidal energy kite (Courtesy of Minesto)

Minesto secures €10.7 million through rights issue

Minesto has announced the preliminary outcome of its rights issue which brough in SEK 120 million (€10.7 million) of fresh funding for the company’s tidal energy technology and projects.

Minesto’s Dragon 4 tidal energy kite (Courtesy of Minesto)
Minesto’s Dragon 4 tidal energy kite (Courtesy of Minesto)
Minesto’s Dragon 4 tidal energy kite (Courtesy of Minesto)

Minesto’s rights issue, for which the subscription period ended on March 15, 2023, indicates that 15,961,083 shares, corresponding to approximately 54.1% of the offered shares, have been subscribed for with subscription rights in the rights issue.

Additionally, applications for subscription of 1,130,183 shares without subscription rights, corresponding to approximately 3.8% of the offered shares, have been received.

In aggregate, the subscriptions by exercise of subscription rights and the applications for subscription without subscription rights correspond to approximately 57.9% of the offered shares.

Hence, guarantee commitments of preliminary 5,986,285 shares, corresponding to approximately 20.3% of the offered shares, will be allocated to guarantors.

Therefore, the rights issue will provide the company with approximately SEK 120 million (€10.7 million) before deduction of transaction costs, Minesto said.

The subscription price in the rights issue was SEK 5.20 (approximately €0.46) per new share.

Those who have subscribed for shares without subscription rights will be allocated shares in accordance with the principles set out in the prospectus published on February 27, 2023.

Subscribed and allotted shares shall be paid in cash in accordance with the instructions on the settlement note sent to the subscriber. Subscribers who have subscribed through a nominee will receive notification of allocation in accordance with their respective nominee’s procedures. Only those who have been allotted shares will be notified, according to Minesto.

The new shares subscribed for with and without subscription rights are expected to be traded on Nasdaq First North Growth Market as from March 29, 2023.

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