Atlantis Resources Limited Ocean energy Bond reaches full subscription (9424L)
25 July 2017 - 4:00PM
UK Regulatory
TIDMARL
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 GBP5.0 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 GBP4.1
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 GBP5 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 +44 (0)20 7418
and Joint Broker) 8900
Adrian Trimmings
Jock Maxwell Macdonald
George Sellar
Macquarie Capital (Europe) Limited +44 (0)20 3037
(Joint Broker) 2000
Raj Khatri
Nick Stamp
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
James Styles
Abundance Investment +44 (0)20 3475
Louise Wilson 8666
This information is provided by RNS
The company news service from the London Stock Exchange
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