Atlantis Resources Ltd (LON:ARL) has told investors that it has now closed its £5mln ‘green’ bond, with full subscription.
The tidal power firm said that together with its recent £4.1mln share placing the company intends to use the new capital to grow the business, repay its more expensive debt and for working capital purposes.
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It also noted that it is no longer in talks with a potential strategic investor which previously, in May, was said to be interested in taking a stake in the company.
Atlantis, meanwhile, told investors that it will consider options to launch a second bond funding over the course of the next year as it secures more development rights around the world.
"Our initial bond offering has been an overwhelming success,” said Tim Cornelius, Atlantis chief executive.
“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.
“This unprecedented demand has caused us to consider follow-on offerings once new viable projects have been identified and development rights secured.
“The ocean is such a vast and untapped resource with many of the best project sites around the world yet to be developed.
“With the support of Abundance and our bond investors, we will unlock the economic potential of our oceans in a sustainable, predictable and environmentally responsible manner."
The new £5mln bonds have a coupon of 8%, payable semi-annually, and mature in 2022.
The issue was facilitated by Abundance Investment, which operates a regulated peer-to-peer investment platform focussed on projects and companies with environmental merit.
Abundance Investment founder Bruce Davis 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.
“We look forward to seeing the fruits of the investment over the coming months and hope to support Atlantis further in its objective of becoming the undisputed world leader in this sector."