Minesto’s main owners exercise warrants; investing an additional 34 SEK million in the company
Minesto’s largest owners BGA Invest and Midroc New Technology have announced that they will invest an additional 34 SEK million in the company by exercising all of their warrants held in Minesto AB. This announcement was communicated by the two main shareholders as the subscription period of the warrants begins.
Today, the subscription period of the warrants "Minest TO1" issued in connection with Minesto’s IPO in November 2015 starts. In total, Minesto can potentially add approximately 82 SEK million in proceeds, should all warrants be exercised. The last day to exercise the warrants is February 28, 2017.
The two largest shareholders in Minesto, BGA Invest and Midroc New Technology, have announced that they will exercise all of their warrants held in Minesto AB. Altogether this means that the two main shareholders sign newly issued shares for approximately 34 SEK million in Minesto, corresponding to approximately 41 percent of the total potential proceeds in the warrants program.
“As active owners, BGA Invest and Midroc New Technology have played a crucial role in Minesto’s development over the years. This commitment reaffirms their belief in the unique Deep Green technology, and underlines their commitment to build a better world through innovative and commercially attractive technology”, says Dr Martin Edlund, CEO of Minesto.
Minest TO1: Information and conditions in brief
- Two (2) Minest TO1 entitles the holder to subscribe for one (1) new share in Minesto AB.
- The issue price upon exercise of the warrants is SEK 6.30 per share.
- The subscription period is 1 to 28 February 2017.
- Total number of outstanding warrants is 26,302,587.
Full terms and conditions, application form and instructions for how to proceed to exercise the warrants is available, in Swedish only, at www.minesto.com/teckningsoptioner.
For questions about the warrants program, please contact Aktieinvest Emittentservice:
Tel: +46 (0) 8-506 517 95
For additional information please contact:
Communications Manager, Minesto AB
+46 70 570 75 08
Minesto is a marine energy technology company whose mission is to minimise the global carbon footprint of the energy industry by enabling commercial power production from low velocity tidal and ocean currents.
Minesto’s award winning and patented product, Deep Green, is the only proven marine power plant that operates cost efficiently in areas with low velocity currents.
In May 2015, Minesto secured a €13m investment from the European Regional Development Fund through the Welsh European Funding Office, for the commercial rollout of Deep Green.
Minesto was founded in 2007 and has offices in Gothenburg, Sweden, Holyhead, Wales and Portaferry, Northern Ireland. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on the Nasdaq First North Stockholm stock exchange, with G&W Fondkommission as Certified Adviser.
Read more about Minesto at www.minesto.com
Press images and other media material is available bit.ly/minestomedia.
The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 1 February, 2017.