Atlantis raises £12m on AIM

Tidal turbine company Atlantis Resources has raised £12m by selling ordinary shares on AIM, a market operated by the London Stock Exchange.

By K.Steiner-Dicks on Feb 26, 2014

The Group intends to use the net proceeds of the Placing to fund its contribution to the MeyGen Project, to deliver the Group’s AR1500 detailed design with Lockheed Martin Corporation, and to prepare its AR1000 turbine for deployment in a demonstration project in China.

Atlantisraised approximately £12m before expenses through the placing of 12,765,957 new shares at a placing price of 94 pence per Ordinary Share.

The total number of Ordinary Shares in issue at Admission is 76,704,200, giving the Group a market capitalisation of £72.1m at the Placing Price, according to a press statement that came out on 20 February.

John Neill, Non-Executive Chairman of Atlantis Resources Limited said of the IPO, “This fundraising and admission to AIM marks an important milestone for Atlantis and provides funding for development of the Group’s cornerstone MeyGen Project in Scotland, the world’s largest tidal energy power project. We were delighted to secure more than £8m in non-dilutive funding during the course of the road show, which in combination with the Placing exceeds our planned target raise of £20m.

“Atlantis has the largest and most diversified development pipeline in the industry with projects across four continents, and a further pipeline of projects in planning in a number of jurisdictions,” he said.

N+1 Singer Advisory acted as Nominated Advisor and sole Broker to the Group.