Minesto announces preliminary outcome of the company's rights issue

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GOTHENBURG, Sweden and VÄSTRA GÖTALAND, Sweden, April 2, 2024 /PRNewswire/ -- Minesto AB (publ) ("Minesto" or the "Company") announces the preliminary outcome for the Company's rights issue of up to 13,394,391 units, consisting of three (3) shares and one (1) warrant of series TO4 in the Company each (the "Rights Issue"), for which the subscription period ended today, 2 April 2024. The preliminary outcome indicates that 6,527,171 units, corresponding to approximately 48.7 percent of the Rights Issue, have been subscribed for with the support of unit rights. Additionally, applications for subscription of 288,226 units without the support of unit rights, corresponding to approximately 2.2 percent of the Rights Issue, have been received. In aggregate, the subscriptions with the support of unit rights and the applications for subscription of units without the support of unit rights correspond to approximately 50.9 percent of the Rights Issue. Hence, guarantee commitments of preliminary 4,312,385 units, corresponding to approximately 32.2 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 100.2 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO4 the Company is expected to raise up to an additional approximately SEK 50.1 million before deduction of cost related to the exercise of the warrants.

On 26 February 2024, Minesto announced that the board of directors of the Company had resolved on the Rights Issue, conditional upon the approval of a general meeting. On 14 March 2024, Minesto announced that the extraordinary general meeting on the same date had resolved to approve the Rights Issue. The subscription price in the Rights Issue was SEK 9.0 per unit, corresponding to SEK 3.0 per share.

Preliminary outcome

The preliminary outcome indicates that 6,527,171 units, corresponding to approximately 48.7 percent of the Rights Issue, have been subscribed for with the support of unit rights in the Rights Issue. Additionally, applications for subscription of 288,226 units without the support of unit rights, corresponding to approximately 2.2 percent of the Rights Issue, have been received. Thus, the preliminary outcome indicates that the Rights Issue is subscribed to approximately 50.9 percent, with and without the support of unit rights, and that guarantee commitments of preliminary 4,312,385 units, corresponding to approximately 32.2 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 100.2 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO4 the Company is expected to raise up to an additional approximately SEK 50.1 million before deduction of cost related to the exercise of the warrants.