Atlantis Resources has hit its £5m bond target almost a month after it launched the offer with peer-to-peer investment platform Abundance.

The five-year bond has a coupon of 8% payable semi-annually and matures in 2022.

The funds are expected to be used for the growth of the Atlantis, to repay some more expensive debt and to provide general working capital for the tidal developer.

"Our initial bond offering has been an overwhelming success,” said Atlantis chief executive Tim Cornelius.

“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.”

In a related development, Atlantis said an unnamed strategic investor who was in negotiations about taking a 5-10% stake in the tidal developer has pulled out following due diligence.

Atlantis is considering issuing a second bond over the course of the next year “as more development rights are secured around the world," it added.

Image: AR1500 at MeyGen 1A (Atlantis)