Atlantis passes bond offer minimum

Atlantis’ AR1500 tidal turbine (Photo: Atlantis Resources)

Edinburgh-based renewable energy developer Atlantis Resources has raised over £2 million in its ongoing bond offer.

Passing the minimum amount set for the campaign with £2,024,031 raised from the investors so far, Atlantis Resources is progressing towards collecting the maximum of £5 million set for this bond offer.

The bond issue, launched at the end of January 2018, covers a proposed five-year bond which matures in 2023, with a fixed 8% interest payable semi-annually.

The proceeds from the bond offer – expected to close in the first quarter of 2018 – will be used to progress and accelerate the development of the best opportunities in the Atlantis project pipeline, including the recently announced Uskmouth power station conversion, and the Wyre tidal gateway project.

The company has on March 13, 2018, informed about ‘good progress’ made together with its advisers on the acquisition of the Uskmouth station in Wales.

Atlantis said it expects to announce the finalized terms of the reverse takeover transaction in the second quarter of 2018, when the company also plans to hold an Extraordinary General Meeting for shareholders to vote on the proposed transaction which, if approved, would see the company recommence trading as SIMEC Atlantis Energy shortly thereafter.

The funds will also go towards the development of a power and flood protection system across the Wyre estuary, which could be in construction as soon as 2021, it is said on the Abundance Investment platform.