Atlantis reaches 'crowd' funded bond target

Atlantis Resources, a global leader in the marine power sector, announced on Tuesday that its 'ocean energy bond' offer announced on 27 June 2017 has closed having raised the target amount.

The bond offered through Abundance Investment, the provider of a regulated green peer-to-peer investment platform, reached the target amount of £5.0m and is now closed.

Together with the capital raised in the company's recent £4.1m placing, the company announced, that the funds would be used for the growth of its business, to repay expensive debt and to provide general working capital for the group.

Atlantis also said it was no longer pursuing negotiations with an undisclosed strategic investor who had expressed an interest in subscribing for a stake in the company, as announced on 23 May 2017.

Tim Cornelius, CEO, Atlantis Resources, said: "Our initial bond offering has been an overwhelming success. Appetite for this bond was very strong which demonstrates the public's interest in investing in the development of tidal power projects across the globe and the predictable returns they will deliver.

For his part, Bruce Davis, founder and joint managing director of Abundance Investment said: "It is great to see Abundance investors get behind the Atlantis Resources Ocean Energy Bond and demonstrate how 'the crowd' can support truly innovative UK companies with global potential."

The bond raised £5 million from almost 1,300 individuals.