Atlantis’ ongoing bond offer raises £4.6M

Andritz turbines being mobilized for the MeyGen project (Photo: Atlantis Resources)

Atlantis Resources has almost reached the coveted target of £5 million through its ongoing bond offer on the Abundance Platform.

The Edinburgh-based tidal energy developer Atlantis already closed the first offer, having successfully raised the full amount of £4.3 million, according to Abundance.

However, the second offer, targeting the amount of £700,000 is still open for investments of £90,000 or over, with £300,000 already raised by the investors.

These 5-year debentures, which will mature in 2022 and pay 8% a year, will provide capital to Atlantis as it produces the next generation of subsea technology and progresses more tidal power opportunities in its portfolio, which includes the development of the next phase of MeyGen.

Bruce Davis, Director and Co-founder of Abundance, says: “Tidal power has been top of the wish-list of our investors since the launch of Abundance. It is great to finally allow them to add it to their portfolio.”

The bond offer is expected to close on or before August 16, 2017, with the possibility of extension.

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