Seabased raising funds through shares sale

Swedish-based wave energy developer, Seabased, is looking to raise capital by inviting interested parties to invest in the company by subscribing for new shares.

Seabased has invited all existing shareholders in the company, as well as investors with preferential rights based on the previous holdings in Seabased, to subscribe for the total of 900,000 class B shares.

The B shares will be available at a price of SEK 7 ($0.82) per share.

Registration and payment should be done as soon as possible, but no later than September 10, 2016, Seabased informed.

The company plans to use the proceeds to fund its operations.

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