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(Alliance News) - SIMEC Atlantis Energy Ltd on Monday said investment commitments for its proposed five-year bond now exceed GBP1.8 million and it has extended the deadline.
The sustainable energy project developer, owner, and operator, launched the bond - which matures 2024 and has a coupon of 8% payable semi-annually - on August 6. SIMEC Atlantis is hoping to raise a maximum of GBP7.0 million with no minimum threshold.
The offer was expected to close on or before October 31, but has been extended until January 31.
Shares in SIMEC Atlantis were down 2.2% at 11.00 pence in London on Monday afternoon.
SIMEC intends to use the funds from its bond to fund consenting and engineering studies on its Raz Blanchard tidal power project and for working capital. The money will also be used for its Atlantis project pipeline, including the Uskmouth power station conversion project.
By Anna Farley; annafarley@alliancenews.com
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