Minesto to be listed on NASDAQ First North Stockholm

The Board of Swedish marine energy company Minesto has decided to apply for listing of the company’s shares on First North at NASDAQ Stockholm and conduct a new issue of units directed to the public in Sweden of approximately €10 million.

Since 2006, Minesto invested more than €20 million in the development its patented technology. Minesto announced it intends to use the net proceeds of the Placing to fund the company to a commercial phase.

The funds from the issue, €10 million plus a possible overallotment of an additional maximum of €1.8 million, will be used to finance the commercialisation of the Deep Green.

The main owners, Midroc New Technology and BGA Invest, have committed to subscribe for shares for approximately €6.3 million in the issue and the remaining €3.7 million is secured through a guarantee consortium syndicated by G&W Fondkommission.

The offer in brief:

• The offer to the public in Sweden consist of a maximum of 17,000,000 units excluding an overallotment of a maximum of 3,000,000 units
• One unit consists of one share and one warrant
• The issue price is set at SEK 5.60 per unit
• 2 Warrants entitles to subscription of one share in Minesto at the subscription price of SEK 6.30 during the period February 1-28, 2017
• The issue is guaranteed to MSEK 95, existing shareholders and underwriting consortium, which represents the whole issue
• The subscription period starts September 30, and ends October 21, 2015
• A prospectus containing full terms and conditions will be published on September 29
• Estimated valuation before the capital increase, MSEK 200

Anders Jansson, CEO of Minesto, said: “During last year, Minesto succeeded with its plan to secure an agreement for the first tidal park, ensuring investments of €16.5 million from Wales Government and KIC InnoEnergy, secure network capacity for our project in Wales, and created the organisation we need to take the next step toward a large-scale electricity generation.

“This combined with the increased global interest in our products, the board and the management has decided that a listing is the next step in the development of the company.”

In conjunction with the unit issue to the public, an additional unit issue of up to €10.8 million directed towards European institutional investors will be conducted.

According to Minesto, the first day of trading is scheduled for November 9, 2015, provided that Minesto’s application for listing is approved.

Image: Minesto