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(Alliance News) - Simec Atlantis Energy Ltd on Wednesday said it has raised GBP​​2.6 million in a placing of shares sold at a 48% discount to their closing price on Tuesday.
Shares in Simec were down 44% at 2.70 pence in London on Wednesday.
The Edinburgh-based tidal and hydro energy producer placed 104.0 million new shares for 2.5 pence each. It anticipates that new shares trading on AIM should start on October 1.
Simec also announced half-year results. Revenue in the six months that ended June 30 was GBP5.2 million, down from GBP7.9 million a year earlier, while its pretax loss widened to GBP10.7 million from GBP6.2 million in the same period.
The company said that "there was reduced revenue performance from the MeyGen project as a result of significant outages in three of its four turbines, which necessitated retrieval for onshore repair".
Simec said the GBP2.6 million raised will be pumped into working capital and the delivery of its projects.
"This is another important milestone for Simec Atlantis Energy, and I would like to thank all those that continue to believe in my team and our projects," said Chief Executive Graham Reid.
"Our focus is the delivery of our projects, which are key in the fight against climate change, in creating a more resilient energy system and delivering value for all our shareholders."
By Josie O'Brien; josieobrien@alliancenews.com
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