SIMEC Atlantis Energy Limited CEO Statement
December 17 2020 - 3:00AM
RNS Non-Regulatory
TIDMSAE
SIMEC Atlantis Energy Limited
17 December 2020
Atlantis puts all the building blocks in place and prepares for
an exciting 2021
Following the latest announcement from SIMEC Atlantis Energy
("Atlantis") on the 16 (th) December "Atlantis announces Share
Placement Agreement" CEO, Tim Cornelius, looks forward to what
promises to be an exciting 2021 for the Company, full of major
project milestones and new investment opportunities.
He said:
"Today, we have announced that we have effectively put in place
a war chest which will allow us to capitalise on new opportunities
next year. Further, this facility is a prudent way of ensuring that
we have access to a pool of capital now and are not left second
guessing what will happen with equity capital markets post BREXIT
in 2021. To be working with a US institutional investor for the
first time since our long-standing relationship with Morgan Stanley
demonstrates the appetite new investors have for exposure to our
flagship projects."
Headline figures on the investment include:
1. The initial GBP2m is in exchange for shares which will be
issued within a 24 month window and come with several protections
for Atlantis.
2. Beyond the initial GBP2m, the line of funding is available
for up to GBP12malthough Atlantis isn't locked into raising any
further money,, with the option to defer or cancel the facility
with no or minimal cost, and an ability to repay drawn amounts.
3. The line of funding provides dilution protection to Atlantis'
existing shareholders, with a floor price.
"This facility can be used to make new investments across our
existing portfolio and to take advantage of possible new
opportunities we believe may materialise over the next 12 months,
creating value for shareholders. We are excited by the progress we
have been making over the past few months with our fuel partner,
N&P Group, and in particular we are focused on new
opportunities to potentially supply fuel not only to Uskmouth, but
to third party customers as well. We are assessing a number of
greenfield development sites across the country and look forward to
continuing to update the market as we achieve further development
and commercial milestones.
As per our recent update to the market, our team continues to
make good progress on the Uskmouth conversion project with updates
on planning and permitting, along with notifications of EPC
contract award and updates on potential private wire power purchase
agreements with local industrial users of energy expected in the
New Year. Fuel supply and the logistics associated with timely fuel
delivery is an integral part of this project and our joint venture
with N+P will de-risk the path to successful financial close.
We were highly encouraged to hear the Government's positive
comments around tidal stream and the role it can play in a
sustainable and low carbon energy grid moving forward. As an
industry leader, we remain firmly committed to the
commercialisation of competitively priced tidal energy throughout
the UK via our world leading MeyGen project, which is ready for
expansion if provided with the right Government support, and we
also want to ensure that we remain at the forefront of any new
opportunities for large scale tidal project development or
equipment and services sales opportunities in new markets including
France, Japan and Indonesia which we are working on at
present."
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END
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