Atlantis’ bonds raise tidal wave of subscriptions

Atlantis Resources’ bond offer has broken Abundance Investment’s opening day subscription record as demand soars.

Edinburgh-based tidal energy developer Atlantis has informed it had broken through the £1 million subscription level within 24 hours of the formal launch of a five-year bond through the Abundance Investment platform.

As previously reported, the bond offer seeks to raise between £2 million and £5 million, and is expected to close on or before August 16, 2017, with the possibility of extension by 2 months at the discretion of the directors.

Tim Cornelius, CEO, Atlantis Resources, said: “Setting a new record for opening day subscriptions via the Abundance platform reflects the outstanding demand for the Atlantis Ocean Bond offer and I am absolutely thrilled with the response from investors. They clearly recognize the excellent growth prospects of our business during what is an extremely exciting juncture in the history of tidal power.”

Atlantis plans to use the proceeds of the issue to progress and accelerate the development of its project pipeline, cover debt, and to provide general working capital for the company.