SIMEC Atlantis Energy Ltd - sustainable energy generation company and technology developer - Enters into a share placement agreement with New Technology Capital Group LLC, a US-based investor, in relation to the issuance of new ordinary shares to raise up to GBP12.0 million.
New Technology will make an initial investment of GBP2.0 million. Additional investments of three tranches of GBP2.0 million about three, six and nine months after the initial investment. Atlantis may also obtain further additional investments from the investor of up to GBP4.0 million after the initial and subsequent investments.
"The proceeds derived from the agreement are intended to be used to allow Atlantis to take advantage of investment opportunities arising over the course of next year across the company's tidal energy, waste to energy, hydro and sustainable infrastructure project portfolio," company adds.
Current stock price: 16.00 pence
Year-to-date change: up 52%
By Paul McGowan; paulmcgowan@alliancenews.com
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Simec Atlantis (SAE)