Swedish marine energy company Minesto has ensured its business plan for Deep Green technology is fully-funded after raising Skr125m (€13.3m) and attracted 2500 new shareholders following a new share issue.
The company shares will start to be traded on First North at NASDAQ Stockholm on November 9.
A total of 18.9m units are being offered to the public, equivalent to Skr106m, an oversubscription of more than Skr10.7m. This means no allocation has been made to the guarantee consortium.
Private investors have been offered almost 7m units, representing Skr39m.
Minesto hief executive Anders Jansson said: “In total Minesto is provided with Skr145.1m. This confirms that there has been a great interest to sign up for shares in Minesto, as well as from the public and from the larger professional investors.
“Since we also have secured earlier investments from KIC InnoEnergy and WEFO (Wales European Funding Office), this means that Minesto now have access to capital to about Skr300m”.
The issue takes Minesto’s share capital up to Skr308m and the number of shares in circulation has risen from 35.7m to 61.6m, a dilution of 42.1%
The conditions of the issue warrants mean two warrants entitles the holder to one new share in Minesto in February 2015 at a price of Skr6.3.
Image: Deep Green tidal energy kite (Minesto)
