Minesto raises almost USD 10m from rights issue

Swedish marine energy developer Minesto AB (STO:MINEST) has raised about SEK 100.2 million (USD 9.5m/EUR 8.7m) in gross proceeds from its previously disclosed rights issue, the company announced on Wednesday.

The rights issue, which comprised nearly 13.4 million units, has been subscribed to about 50.9% with and without the support of unit rights.

As previously announced, Minesto’s participating shareholders will receive one unit right for each share held in the company as of the record date on March 15, 2024. Twelve unit rights entitle the holder to subscribe for one unit, each of which consists of three newly issued shares and one warrant of series TO4. The subscription price is set at SEK 9.0 per unit, corresponding to SEK 3.0 per share.

Upon full exercise of all the warrants of series TO4, the company is estimated to raise up to an additional SEK 50.1 million, before deduction of cost related to the exercise of the warrants.

The company previously said it will use the proceeds for a number of purposes, including to support the ongoing commercial roll-out of its flagship kite-like device.

(SEK 10 = USD 0.944/EUR 0.870)

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