Taurus Energy proposes $1.21M private placement with Lantmännen
In Sweden, the Board of Directors of Taurus Energy proposed a preferential rights issue and a private placement with Lantmännen. The board noted: Given that Taurus Energy has not had a stable principal shareholder since Forskarpatent Syd took a strategic decision to sell its shares to, among others, research scientists who had contributed patents to Taurus Energy’s patent portfolio, the Board proposes to implement a private placement.
The Board will propose to the Annual General Meeting that the Company place an issue of 3,086,419 A shares, carrying 10 votes per share, with Lantmännen ekonomisk förening (Lantmännen), at a price of SEK 1.62 per share. This private placement should raise SEK 5,000,000 of new capital for the Company.“
In the event that the issue is fully subscribed, the preferential rights issue should raise around SEK 10.2 million for the Company.
Taurus Energy’s CEO, Fredrik Weschke said, ”As CEO, I would be delighted if the general meeting agrees with the Board and myself that the Company needs an industrial principal shareholder for its ongoing operation of developing the technology for environmentally-friendly ethanol production from cellulose materials, as well as further developing the market for this technology. I am also highly appreciative of Lantmännen’s very generous guarantee commitment”.
Category: Fuels
