Rights Issue December 2019

The rights issue in Minesto AB (publ) (“Minesto” or “the Company”), for which the subscription period ended on 18 December 2019, was subscribed for a total of approximately SEK 107 million, corresponding to an oversubscription of approximately 25 percent. Through the rights issue Minesto will receive approximately SEK 86 million in proceeds before deduction of issue costs.

“We are very pleased with the outcome of the rights issue and grateful for the support we have received from existing and new shareholders. Together with the private placement in October, we have secured financial resources to both deliver our current projects and to give us the opportunity to initiate more customer collaborations and installation projects – all with the purpose of driving the commercialisation of our unique energy technology”, said Dr Martin Edlund, CEO of Minesto.

The rights issue of units of approximately SEK 86 million was subscribed to approximately 96 percent with the support of subscription rights. In addition, applications for subscription without pre-emptive right corresponding to approximately 29 percent of the rights issue was received. The rights issue was thus subscribed to about 125 percent.

Through the rights issue, 6,085,226 shares will be issued and the Company will receive approximately SEK 86 million in proceeds before issue costs. In addition, 6,085,226 warrants from the rights issue and additional 4,249,290 warrants from the private placement that the Company carried out on 28 October 2019 will be issued, which means that the total number of warrants that will be issued amounts to 10,334,516. Each warrant gives the holder the right to subscribe for one (1) new share in the Company no later than 30 April 2021 at a subscription price that currently is SEK 16.20 per share.

Allotment of units subscribed for without subscription rights has been made in accordance with the principles outlined in the prospectus which was published on 2 December 2019.

The Rights Issue in short

  • One (1) share entitles the holder one (1) subscription right, and sixteen (16) subscription rights entitle subscription to one (1) unit.
  • One (1) unit contains one (1) share and one (1) warrant.
  • The subscription price is SEK 14.12 per unit.
  • The subscription rights which will be assigned to Midroc New Technology AB will be discarded in accordance with the principle communicated in connection with the Directed Issue. This results in total proceeds of approximately SEK 86 million before transactions costs, provided that the Rights Issue is fully subscribed.
  • The subscription period runs from 4 December 2019 until 18 December 2019.
  • The record date for the detachment of the subscription rights in the Rights Issue was 2 December 2019.
  • The subscription period for the warrant included in the unit will expire on 30 April 2021. Each warrant gives the holder the right to subscribe for one (1) new share in the Company. For information on the subscription price for the warrant, see “Terms for TO3 Warrants” below.
  • The prospectus for the Rights Issue was published on 2 December 2019.
  • Minesto's largest shareholder, BGA Invest AB, has committed to subscribe for units to a total value of SEK 20 million in the Rights Issue, corresponding to approximately 23 percent of the total number of units in the Rights Issue.


 

Time table of the Rights Issue (dates refer to 2019 if not mentioned otherwise)

4 December  – 10 January 2020: Trading in paid subscribed shares (Sw. betald tecknad aktie, BTA). BTA is traded without the right to receive warrants (TO3).

On or about 13 January 2020: New shares and warrants subscribed for with or without support of subscription rights are expected to be registered with the Swedish Companies Registration Office.

On or about 16 January 2020: New shares and warrants subscribed for, with or without support of subscription rights, expected to start trading on the Nasdaq First North Growth Market.