Minesto raises €15.85m through fully subscribed warrants program

05.05.2021

The warrants program TO3 in Minesto AB has been successfully completed. The program was fully subscribed, which means that Minesto adds €15.85 million in proceeds before issue costs to secure the company’s commercial expansion. A total of 10,236,653 new shares in Minesto were subscribed for through the warrants program, corresponding to an exercise rate of 99.1 percent.

“It is very satisfying that the TO3 program was fully subscribed. This contributes to a strong financial position and creates the right conditions for converting Minesto’s world-leading competitive advantages in marine energy into industrial value. We are now focusing on large-scale commercial expansion together with existing and new electric utility customers and other stakeholders in renewable energy production. 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”, said Dr Martin Edlund, CEO of Minesto.

A total of 10,236,653 new shares were subscribed for in Minesto AB by exercising the TO3 warrants, corresponding to an exercise rate of 99.1 percent. This means that Minesto within the framework of the total TO3 program receives a total subscription payment of approximately SEK 161.6 million before issue costs, which are estimated at approximately €330,000.