Atlantis secures £4 million via share placing

MeyGen tidal turbine installation (Photo: Atlantis Resources)

Atlantis Resources has raised a total of £4.05 million through the placing of new ordinary shares in the company.

The placing of 9 million shares at a price of 45 pence is being conducted through an accelerated bookbuilding process by joint bookrunners Peel Hunt, and Macquarie Capital.

Atlantis plans to use the raised funds for the identification and development of new opportunities, the progression of existing projects including MeyGen, general working capital and the repayment of certain debt facilities.

The placing shares represent approximately 7.1% of the Atlantis’ enlarged ordinary share capital.

Following admission, to take place no later than May 30, 2017, the placing shares will be issued and allotted credited as fully paid and will rank pari passu with the company’s existing ordinary shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue, Atlantis said.

Atlantis has also revealed that a strategic investor has expressed interest in subscribing for a 5 – 10% stake in Atlantis for cash and requested to enter into a period of negotiation with the company whilst it conducts due diligence.

After the conclusion of the negotiations, the new Atlantis shares will be issued to the strategic investor in a private placement following the agreement of formal documentation if the transaction proceeds, according to Atlantis.

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