The AR1500 tidal energy turbine. Source: Lockheed Martin
Marine power developer Atlantis Resources Ltd (LON:ARL) said today it has raised GBP 4.05 million (USD 5m/EUR 4.6m) before costs in a share placing.
Unveiling the placing yesterday, the company said it plans to use the proceeds to help identify and develop new opportunities, progress existing projects, including the 398-MW MeyGen tidal energy project in Scotland, and for general working capital and the repayment of certain debt facilities.
Atlantis also said on Tuesday that it is in talks with a strategic investor interested in subscribing for a stake of between 5% and 10% in the company and expects the negotiations to be completed shortly.
The company sold 9 million shares in the placing at GBP 0.45 apiece through an accelerated bookbuilding. The new shares, which were offered to qualifying institutional investors, represent about 7.1% of Atlantis' enlarged capital.
The firm's draft financial statements for 2016 show an after-tax loss of about GBP 7.3 million and revenue and other gains of about GBP 3.1 million. The consolidated cash position at the end of the year was GBP 10.2 million, of which GBP 8.6 million was held by MeyGen.