Atlantis tops bond minimum

Illustration (Photo: Atlantis Resources)

Atlantis Resources has informed that its bond offer has achieved the minimum subscription amount of £2 million in the first week since its launch.

Strong demand has seen £2.6 million, or more than 52% of the maximum amount, subscribed to in the first week since Atlantis launched the bonds through the Abundance Investment platform.

The Edinburgh-based tidal energy developer noted the subscriptions will continue to be accepted until August 16, 2017, unless otherwise extended, or up to a maximum of £5 million.

The five-year bond offer, maturing in 2022, has already broken Abundance Investment’s opening day subscription record having attracted over £1 million within 24 hours of the formal bond launch.

Atlantis said it will use the proceeds of the issue to progress and accelerate the development of the best opportunities in its project pipeline, to repay some more expensive debt, and to provide general working capital for the Atlantis group.

The bond was formally launched on June 27, 2017.

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