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martedì 29 settembre 2015

Minesto applies for listing on Nasdaq First North Stockholm

[Gothenburg, Sweden, September 29, 2015]  The Board of Swedish marine energy company Minesto has decided to apply for listing of the companys shares on First North at NASDAQ Stockholm and conduct a new issue of units directed to the public in Sweden of appoximatley EUR 10 million.







Minesto's tidal power plant, Deep Green, generates electricity from tidal and ocean currents. Since 2006 the company has invested more than EUR 20 million in the development of the unique and patented technology. Deep Green has been producing electricity off the coast of Northern Ireland for more than two years, and is the only proven marine power plant that operates efficiently in areas with low velocity currents. Minesto intends to use the net proceeds of the Placing to fund the company to a commercial phase.

Slow tidal and ocean currents are much easier to operate in than fast currents, slow currents are also more often located close to existing power grids. Energy from ocean currents will be an important part of the emerging sustainable energy mix, since it has several advantages compared to other renewable energy sources, such as wind and solar power.

The energy produced from slow tidal and ocean currents is predictable and unchangegable. The method requires no expensive land areas and the plants are nor visible or affect the surrounding environment in any other way. Thanks to its unique technology, the electricity from Deep Green enables a locally available, inexhaustible source – the ocean – in a cost efficient way.

The global energy transition from fossile and nuclear energy to renewable energy options, is accelerating dramatically, and security of supply is highly prioritised on the political agenda. This has attracted more and more investors like the Rockefeller Brothers Fund, The Norwegian Oil Fund and the Fourth AP Fund, to divest from fossile companies and instead choose to invest in renewable alternatives.

"During last year, Minesto succeeded with its plan to secure an agreement for the first tidal park, ensuring investments of EUR 16.5 million from Wales Government and KIC InnoEnergy, secure network capacity for our project in Wales, and created the organisation we need to take the next step toward a large-scale electricity generation," said Anders Jansson, CEO, Minesto. "This combined with the increased global interest in our products, the board and the management has decided that a listing is the next step in the development of the company."

The funds from the issue, EUR 10 million plus a possible overallotment of an additional maximum of EUR 1.8 million, will be used to finance the commercialisation of the Deep Green. The main owners, Midroc New Technology and BGA Invest, has committed to subscribe for shares for approximately EUR 6,3 million in the issue and the remaining EUR 3,7 million is secured through a guarantee consortium syndicated by G&W Fondkommission. First day of trading is scheduled for 9th of November 2015 provided that Minesto's application for listing is approved. The subscription period runs from 30th of September to 21st of October 2015.

Earlier this year Minesto secured an investment of EUR 13 million from the European Regional Development Funds through Wales Government. Recently KIC InnoEnergy decided to invest EUR 3.5 million in the company.  The Swedish company is now prepared to become one the first companies in the world to build a commercial marine power plant array.

In conjunction with the unit issue to the public, an additional unit issue is conducted up to EUR 10,8 million, directed towards European institutional investors.

Prospectus for the offer will be published on September 29th on www.minesto.com. G&W Fondkommission is Minesto's financial advisor in connection with the unit issue and the listing.


The offer in brief
- The offer to the public in Sweden consist of a maximum of 17,000,000 units excluding an overaollotmnet of a maximum of 3,000,000 units
- One unit consists of one share and one warrant
- The issue price is set at SEK 5,60 per unit
- 2 Warrants entitles to subscription of one share in Minesto at the subscription price of SEK 6.30 during the period 1st to 28th of February 2017.
- The issue is guaranteed to MSEK 95, existing shareholders and underwriting consortium, which represents the whole issue
- The subscription period starts 30th of September and ends 21st of October 2015
- A prospectus containing full terms and conditions will be published on 29th of September
- Preliminary first day of trading on Nasdaq First North is 9th of November 2015 provided that Minesto application is approved
- Estimated valuation before the capital increase, MSEK 200

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