Major owner BGA Invest participates in ongoing rights issue – invests an additional SEK 20 million in Minesto

December 09, 2019

Minesto's largest shareholder BGA Invest has subscribed for units for approximately SEK 20 million in Minesto's ongoing rights issue, corresponding to just over 23 percent of the issue's total volume of approximately SEK 86 million. The investment means that Minesto's two main owners BGA Invest and Midroc New Technology have invested a total of SEK 40 million in the company during autumn 2019.

“It's obviously great to have this level of support and commitment of our two largest shareholders. BGA Invest and Midroc New Technology have been crucial to Minesto's development over the years and once again show their belief in the potential of the company and the product”, said Minesto's CEO Dr Martin Edlund.

BGA Invest's subscription of units for SEK 20 million matches the investment of SEK 20 million that Midroc New Technology made in Minesto at the end of October, when they and an international institutional investor participated in a private placement of identical units as in the ongoing rights issue.

In order to give existing shareholders the opportunity to retain their relative share in Minesto, Midroc New Technology will not participate in the rights issue and the subscription rights accruing to them are cancelled.

The rights issue in brief:

  • Sixteen (16) subscription rights entitle subscription to one (1) unit.
  • One (1) unit contains one (1) share and one (1) warrant for subscription of shares in Minesto no later than 30 April 2021.
  • The subscription price is SEK 14.12 per unit.
  • The subscription period is December 4–18, 2019. Please note that nominees may have a final reply date that is before December 18.

For more information about the rights issue and instructions for participation, see Minesto's website: www.minesto.com/rightsissue.

For additional information please contact

Magnus Matsson
Head of Communications & Investor Relations, Minesto AB
+46 31 774 14 89
press@minesto.com

About Minesto

Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean.

Minesto’s award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.

With more than €40 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union’s largest investment in marine energy to date.

Minesto was founded in 2007 and has operations in Sweden, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission, email: ca@gwkapital.se, telephone: +46 8 503 000 50.

Read more about Minesto at www.minesto.com

Press images and other media material is available for download via bit.ly/Minesto_media.