Minesto raises SEK 161.6m through fully subscribed warrants

Minesto raises SEK 161.6m through fully subscribed warrants program


Minesto raises SEK 161.6m through fully subscribed warrants program
STOCKHOLM, May 4, 2021 /PRNewswire/ --
The warrants program TO3 in Minesto AB has been successfully completed. The program was fully subscribed, which means that Minesto adds SEK 161.6 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.

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