Minesto closes sale of 23% stake to BGA Invest AB

BGA Invest has subscribed for units for approximately SEK20 million (US$2.3 million) in Minesto's ongoing rights issue, corresponding to just over 23% of the issue's total volume.

BGA Invest's subscription of units for SEK20 million (US$2.3 million) matches the investment of SEK20 million (US$2.3 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 did not participate in the rights issue and the subscription rights accruing to them are canceled.

Minesto AB is a Swedish marine energy developer that is founded in 2007 and has operations in Sweden, Wales, Northern Ireland, and Taiwan.