ATOME PLC (AIM:ATOM) said it has raised £1.8 million in a placing and subscription to speed development of its Villeta green fertiliser project in Paraguay and provide working capital.
Directors and senior management subscribed for £665,000 in the fundraising, where a total of 3,600,000 new shares were issued at a price of 50p apiece. Further funds could be raised in coming days if broker SP Angel receives further demand.
Chairman Peter Levine and chief executive Olivier Mussat both subscribed for £97,500 of shares, while executive director James Spalding dipped in for £186,000, with 10 directors and senior management participating.
ATOME said front-end engineering and design of the first 145 megawatt phase of the flagship Villeta project is "soon to be completed", with all of engineering, procurement and construction (EPC), offtake and financing targeted to be completed in 2024 and production to begin in 2026.