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Fundraise clears way to financial close at Uskmouth says SIMEC Atlantis Energy Ltd's CEO

Tim Cornelius, chief executive of SIMEC Atlantis PLC (LON:SAE) says its £7.5mln fundraise this week clears the way through to the financial close of the Uskmouth power conversion project. Both the retail and institutional offers were heavily oversubscribed, he adds, with the money earmarked for a UK-based pellet fuel joint venture with Dutch partner N+P. This will provide security of supply for Uskmouth as well as a revenue stream from pellet sales to other power station operators. SIMEC Atlantis aims to get an EPC contract for Uskmouth in place within six months and then move onto construction and conversion.

Quick facts: SIMEC Atlantis Energy

Price: 24.5 GBX

AIM:SAE
Market: AIM
Market Cap: £120.44 m
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SIMEC Atlantis Energy seals deal to finance 100% of Uskmouth Phase 1 project

SIMEC Atlantis Energy Limited's (LON:SAE) Tim Cornelius explain's to Proactive what the debt financing deal with South Korean financial institution Hana Financial Investment means for the Uskmouth Phase 1 project. Cornelius says the debt facility will provide the company with up to £170mln and...

on 24/8/20

2 min read