Minesto AB (“Minesto” or the “Company”) announces that the preliminary outcome of the Company’s rights issue (the "Rights Issue"), for which the subscription period ended on 15 March 2023, indicates that 15,961,083 shares, corresponding to approximately 54.1 percent of the offered shares, have been subscribed for with subscription rights in the Rights Issue. Additionally, applications for subscription of 1,130,183 shares without subscription rights, corresponding to approximately 3.8 percent of the offered shares, have been received. In aggregate, the subscriptions by exercise of subscription rights and the applications for subscription without subscription rights correspond to approximately 57.9 percent of the offered shares. Hence, guarantee commitments of preliminary 5,986,285 shares, corresponding to approximately 20.3 percent of the offered shares, will be allocated to guarantors. The Rights Issue will provide the Company with approximately SEK 120 million before deduction of transaction costs.
On 2 February 2023, Minesto announced that the board of directors of the Company had resolved on a rights issue of up to approximately SEK 153 million, conditional on the approval of an extraordinary general meeting. On 20 February 2023, Minesto announced that the extraordinary general meeting resolved to approve the Rights Issue. The subscription price in the Rights Issue was SEK 5.20 per new share.
Preliminary outcome
The preliminary outcome indicates that 15,961,083 shares, corresponding to approximately 54.1 percent of the offered shares, have been subscribed for with subscription rights in the Rights Issue. Additionally, applications for subscription of 1,130,183 shares without subscription rights, corresponding to approximately 3.8 percent of the offered shares, have been received. Thus, the preliminary outcome indicates that the Rights Issue is subscribed to approximately 57.9 percent of the offered shares, with and without subscription rights, and that guarantee commitments of 5,986,285 shares, corresponding to approximately 20.3 percent of the offered shares, will be allocated to guarantors. The Rights Issue will provide the Company with approximately SEK 120 million before deduction of transaction costs.
Notice of allotment
Those who have subscribed for shares without subscription rights will be allocated shares in accordance with the principles set out in the prospectus published on 27 February 2023. Notice of allotment to the persons who subscribed for shares without subscription rights is expected to be distributed on 17 March 2023. Subscribed and allotted shares shall be paid in cash in accordance with the instructions on the settlement note sent to the subscriber. Subscribers who have subscribed through a nominee will receive notification of allocation in accordance with their respective nominee's procedures. Only those who have been allotted shares will be notified.
Final outcome
The final outcome of the Rights Issue is expected to be published on 16 March 2023. The last day of trading in paid subscribed shares (Sw. BTA) is expected to be on 24 March 2023. The new shares subscribed for with and without subscription rights are expected to be traded on Nasdaq First North Growth Market as from 29 March 2023.
Advisers
Pareto Securities AB and Skandinaviska Enskilda Banken AB are acting as Joint Global Coordinators and Bookrunners. MAQS Advokatbyrå is legal adviser to the Company and Baker & McKenzie Advokatbyrå is legal adviser to the Joint Global Coordinators and Bookrunners in connection with the Rights Issue.
