Tidal power outfit Atlantis Resources has raised £4.05m through the placing of 9m shares priced at 45 pence apiece.
Atlantis plans to use the proceeds to identify and develop new opportunities, progress existing projects including its MeyGen tidal array in the Pentland Firth, general working capital and debt repayment.
The company said a strategic investor has expressed interest in taking a stake of between 5–10% in Atlantis for cash and has requested to enter into a period of negotiation with the company while it conducts due diligence.
Atlantis also revealed it is in discussions to sell its remaining 50% stake in its Canadian joint venture project with DP Energy while increasing the scope of its supply of products and services to it.
The Irish developer acquired a 50% stake in Atlantis Operations (Canada) Limited in 2015 and plans to build a 4.5MW array at the FORCE facility in Nova Scotia using Atlantis turbines.
Image: AR1500 at MeyGen 1A (Atlantis)
