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(Alliance News) - Sustainable energy developer SIMEC Atlantis Energy Ltd said Tuesday it has launched its proposed five-year bond through peer-to-peer investment platform Abundance Investment Ltd.
The bond matures in 2024, has a coupon of 8.0% which is payable semi-annually, and seeks to raise a maximum of GBP7.0 million with no minimum threshold, and is expected to close on or before October 31.
The date may be extended by up to three months at the company's discretion.
Proceeds of the issue will go towards progressing and accelerating the development of opportunities in the Atlantis project pipeline, including funding the remaining development activities for the Uskmouth power station conversion project.
Proceeds will also be used for and consenting and engineering studies for the proposed Raz Blanchard tidal power project, as well as providing general working capital to be used in the development of the Atlantis group's business and project portfolio.
"As we create a global, diversified renewable energy platform, this bond offer represents a chance for investors to help Atlantis to grow and share in our future financial success. The bonds will help us continue work on amazing and world leading projects such as the Uskmouth power station conversion. These bonds will help us towards our ambition of becoming one of the largest and most diversified renewable energy companies on the London Stock Exchange," said Chief Executive Officer Tim Cornelius.
Shares in SIMEC were untraded on Tuesday in London, last closing at 13.25 pence each.
