SIMEC Atlantis Energy has raised £5 million in a share placing and subscription to help fund its acquisition of SIMEC Green Highland Renewables (GHR).
On Thursday, the company said it would issue around 31,250,000 new ordinary shares at 16 pence per share on the PrimaryBid platform.
The placing price was set at a discount of 5.9 per cent to the mid-market closing price of 17 pence on 27 March 2019.
On Friday, 29 March 2019, the company said that the fundraising has conditionally raised gross proceeds of approximately £5 million and will result in the issue of 31,439,355 new ordinary shares at the above mentioned price. SIMEC Atlantis will also issue 31,439,355 consideration shares pursuant to the terms of the sale and purchase agreement.
Tim Cornelius , CEO of SIMEC Atlantis Energy, said:
“ We are very much looking forward to bringing Green Highland Renewables into the SIMEC Atlantis sustainable generation portfolio. The support of our shareholders on this capital raise helps us towards completion of the acquisition of this unique portfolio of Scottish hydro assets. The GHR team are world class developers of renewable energy projects and they share our vision of growing a portfolio of high quality sustainable energy assets. Completion of this acquisition together with our portfolio of hydro, tidal power and waste-to-energy projects across Scotland and Wales, would make us an important player in the United Kingdom’s endeavours to decarbonise responsibly whilst at the same time creating domestic employment opportunities and attracting inward investment .”