Swedish tidal energy developer Minesto has opened the subscription for share rights issue as it aims to raise funds to support upcoming tidal energy activities in Wales and enhance its product range.
The share rights issue, approved by Minesto’s Board of Directors on January 24, 2018, will see the company release no more than 36,970,084 of shares, and 9,242,521 warrants.
Subscription price per unit is SEK 11.20, and corresponds to SEK 2.80 per share, Minesto said.
Minesto plans to raise a little over $12 million (SEK 103.5 million), while the issue could bring in additional $7.7 million (SEK 64.7 million) to Minesto – amounting to the total of $20 million (SEK 168.2 million) before costs if all subscription options are exercised, the company informed.
The company has extended the subscription period for the units which now runs from January 30, until February 16, 2018.
Minesto said earlier it plans to use the funds ensure the successful completion of the first installation and demonstration of the Deep Green technology in Holyhead Deep, set to go forward later in 2018.
Also, the funding will be used for the enhancement of Minesto’s product range, and for site development and market penetration activities in the UK, EU and Taiwan.