UPDATE - Atlantis completes GBP-20m placing

Atlantis Resources (LON:ARL) has raised GBP 20 million (USD 26.9m/EUR 22.8m) before costs from a placing announced earlier today.

The placing, conducted through an accelerated bookbuilding process, saw the sale for around 57 million new ordinary shares at GBP 0.35 per share.

In late 2017, Atlantis agreed to acquire a power station in South Wales from SIMEC, part of GFG Alliance, in exchange for Atlantis shares. The plant generated power from coal until recently and following the acquisition the plan is to convert 220 MW of its capacity to waste derived energy pellets.

Part of the fundraising will go towards funding the front end engineering and design (FEED) study for the conversion.

"Our focus now is on completing the proposed acquisition of SIMEC Uskmouth Power and seizing the opportunities associated with GFG Alliance's high quality renewable power asset pipeline by acquiring and developing operational, cash yielding projects to drive the business forward and create a renewable energy platform that will deliver attractive returns for our Shareholders," said Atlantis chief executive Tim Cornelius.

(GBP 1 = USD 1.342/EUR 1.141)

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