Minesto has concluded warrants program adding approximately SEK 44.4 million ($4.8 million) in proceeds before issue costs to the commercialisation activities of its subsea kite technology.
In total, 6,336,031 new shares in Minesto AB were subscribed through the warrants program, corresponding to a subscription rate of 97.8 percent.
The new shares have been delivered to the subscriber’s account as interim shares. Next, they will be admitted to trading on Nasdaq First North as soon as the issue has been registered with the Swedish Companies Registration Office and Euroclear, which is expected to occur about three weeks after the subscription period’s ending on 8 February.
Minesto’s CEO, Martin Edlund, said: “We are pleased that so many have chosen to exercise their warrants and subscribe for new shares in Minesto. We will use this capital injection together with our other sources of funding to continue the development of our Deep Green technology as well as existing and new projects, to establish our product on the market.”