Ocean energy Bond reaches full subscription

RNS Number : 9424L

Atlantis Resources Limited

25 July 2017

 

25 July 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

Ocean energy Bond reaches full subscription

Atlantis, a global leader in the marine power sector, is pleased to announce that further to the announcement on 27 June 2017, the bond offer has raised the target amount of £5.0 million and is now closed.  The five-year bond has a coupon of 8%, payable semi-annually, and matures in 2022. The bond was offered through Abundance Investment Limited ("Abundance"), the provider of a regulated green peer-to-peer investment platform.

Together with the capital raised in the Company's recent £4.1 million placing, these funds are expected to be used for the growth of the Atlantis group's business, to repay some more expensive debt, and to provide general working capital for the Atlantis group.

Atlantis is no longer pursuing negotiations with the strategic investor who had expressed an interest in subscribing for a stake in the Company, as announced on 23 May 2017.  The Company will, however, consider the options for issuing a second bond over the course of the next year as more development rights are secured around the world.

Tim Cornelius, CEO, Atlantis Resources, said:

"Our initial bond offering has been an overwhelming success. Appetite for this bond was very strong which demonstrates the public's interest in investing in the development of tidal power projects across the globe and the predictable returns they will deliver. This unprecedented demand has caused us to consider follow-on offerings once new viable projects have been identified and development rights secured. The ocean is such a vast and untapped resource with many of the best project sites around the world yet to be developed. With the support of Abundance and our bond investors, we will unlock the economic potential of our oceans in a sustainable, predictable and environmentally responsible manner."

Bruce Davis, Founder and Joint Managing Director, Abundance Investment, said:

"It is great to see Abundance investors get behind the Atlantis Resources Ocean Energy Bond and demonstrate how 'the crowd' can support truly innovative UK companies with global potential. The bond raised £5 million from almost 1,300 individuals. We look forward to seeing the fruits of the investment over the coming months and hope to support Atlantis further in its objective of becoming the undisputed world leader in this sector."

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer Simon Counsell, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Joint Broker)	[phone]
Adrian Trimmings Jock Maxwell Macdonald George Sellar
Macquarie Capital (Europe) Limited (Joint Broker)	[phone]
Raj Khatri Nick Stamp
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles Abundance Investment Louise Wilson	[phone]

 

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