Atlantis launches up to GBP-5m bond sale to back growth

Marine power developer Atlantis Resources Ltd (LON:ARL) on Tuesday launched a bond offering of up to GBP 5 million (USD 6.4m/EUR 5.7m), aimed at raising funds for the company’s tidal energy business.

The five-year bonds are being offered through green investment platform Abundance Investment Ltd. They mature in 2022 and bear a coupon of 8%, payable semi-annually.

Via the bond issue, which is not secured, Atlantis is looking to raise at least GBP 2 million and up to GBP 5 million, which will go to “accelerate the development of the best opportunities in the Atlantis project pipeline,” repay debt and expand the company’s working capital.

“The bonds will help us achieve the huge potential the ocean offers for generating clean, unseen, environmentally benign, highly predictable power across the world,” the company’s CEO Tim Cornelius said.

The offering is expected to be completed on or before August 16. The closing date can be extended by two months, Atlantis said.

Atlantis is the developer of the 398-MW MeyGen tidal stream project in the Pentland Firth, Scotland.

(GBP 1.0 = USD 1.281/EUR 1.130)

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