Minesto raises £6.8m
Large majority of shareholders exercise warrants from 2015 IPO
Swedish tidal developer Minesto has completed its programme of stock warrants, raising about Skr75m (£6.8m) from shareholders.
The company said it has issued 11.9 million new shares under its Minest T01 warrants plan, which corresponds to a subscription rate of 90.7%.
Shareholders exercised warrants in connection with the company’s IPO in November 2015 between 1-28 February.
The new shares will start trading on the Nasdaq First North exchange once the issue is registered in about three weeks.
“We are delighted that so many have chosen to subscribe to new shares in Minesto”, chief executive Martin Edlund said.
“This provides Minesto with significant funding, which we will mainly use to the further development of our unique tidal energy technology Deep Green and to our Holyhead Deep project in Wales, where we will install the first commercial-scale power plants.”