SIMEC Atlantis Energy scale-up investments
Published by Bella Weetch,
Editorial Assistant
Energy Global,
SIMEC Atlantis Energy (Atlantis), the global sustainable energy generation company and technology developer, has announced that it has entered into a share placement agreement with New Technology Capital Group, LLC, a US-based investor, to raise up to £12 million.
Atlantis will get an initial investment of £2 million for new shares with the value of £2.09 million on or around 17 December 2020.
Additional investments of three tranches of £2 million each will come for new shares with the value of £2.09 million per tranche, approximately three, six and nine months after the initial investment.
Atlantis may also obtain further additional investments from the investor, in an aggregate amount of up to £4 million, with the consent of the investor, for new shares with the aggregate value of £4.18 million after the initial and subsequent investments.
At the time of the initial investment, Atlantis has agreed to issue to the investor, conditional on admission, £947 368 new shares in satisfaction of a commencement fee due to the investor.
In addition, Atlantis will issue £1.8 million new shares for an aggregate subscription price of a nominal amount, to be applied against the new shares to be issued in the investments.
There will also be £1.9 million warrants with an exercise period of 36 months from the date of issue, with an entitlement to subscribe for one new share per warrant at an exercise price of £0.30.
The deal can terminate prior to the second tranche of investment at the election of Atlantis for a cancellation fee of £48 000.
Atlantis will use the proceeds 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.
For more news and technical articles from the global renewable industry read our latest issue of Energy Global magazine.
Energy Global’s Winter 2020 issue
The Winter issue of Energy Global provides a range of technical articles covering technological advancements and future outlooks in the renewables sector, from companies including CorPower Ocean, Rystad Energy, Black & Veatch, Voltalia, FUERGY, and more.
Read the article online at: https://www.energyglobal.com/special-reports/21122020/simec-atlantis-energy-scale-up-investments/
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