January 23 (Renewables Now) - Swedish marine energy developer Minesto AB announced today that its two largest shareholders have exercised all of their warrants held in the company.
The two investors, namely BGA Invest and Midroc New Technology, have made use of all of their “MINEST TO 2” warrants, whose subscription period runs until February 8, 2019. The move underlines the pair’s long-term commitment to Minesto, the tidal energy firm said in a statement.
Minesto noted that it can raise a total of SEK 45 million (USD 5m/EUR 4.4m) in proceeds before issue costs in the event that all warrants are exercised. The sum will be used for the continued development and market establishment of the company's technology, the statement adds.
Last month, Minesto said it had secured EUR 1 million (USD 1.1m) from InnoEnergy, an existing investor in the company, to commercialise its marine energy converter technology.
(SEK 10 = USD 1.109/EUR 0.976)
(EUR 1.0 = USD 1.136)