TIDMARL

RNS Number : 2493A

Atlantis Resources Limited

19 December 2014

19th December 2014

ATLANTIS RESOURCES LIMITED

("Atlantis" or the "Company")

First Debt Drawdown for MeyGen Project Financing Package - Phase 1A

Atlantis, majority owner of the world's largest planned tidal stream energy project, MeyGen, announces that its flagship project has achieved another significant funding milestone, successfully completing all conditions required to initiate its first drawdown from its senior project finance providers, The Crown Estate and Scottish Enterprise through the Renewable Energy Investment Fund.

The major construction and supply contractors to this iconic project have commenced design, engineering and procurement works in readiness for commencement of onshore construction at the project site in Caithness in January 2015.

-- The equity investments in the project by Scottish Enterprise (through the Renewable Energy Investment Fund) and Atlantis value the MeyGen project on a post-money equity basis at over GBP70 million

-- Onshore construction at the Ness of Quoys project site is expected to commence in January 2015, with ABB due to start construction of the onshore infrastructure for connection to the electricity transmission grid for power export

   --     First power to the grid and revenues earned expected to be in H1 2016

-- We believe MeyGen is the largest planned tidal energy project in the world with a capacity of almost 400MW

-- When fully completed, the project will include 269 turbines submerged on the seabed, generating enough power for almost 175,000 homes in Scotland.

The Company notes the recent material decline in its share price yesterday and knows of no trading or operational reason to warrant this change, particularly given the progress with the business and the continued expectation of delivering on milestones outlined above.

For further information please contact:

 
 Atlantis Resources Limited                  via FTI Consulting 
 Tim Cornelius, Chief Executive Officer 
 Duncan Black, Chief Financial Officer 
 
 Peel Hunt LLP (Nominated Adviser and 
  Broker)                                    +44 (0) 20 7418 8900 
 Daniel Harris / Jock Maxwell MacDonald 
 
 FTI Consulting                              +44 (0) 20 3727 1000 
 Ben Brewerton / Alex Beagley / Stephanie 
  Blott / James Styles

This information is provided by RNS

The company news service from the London Stock Exchange

END

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