Atlantis Resources has raised £20m through a share placing ahead of its reverse takeover by GFG Alliance subsidiary Simec Energy expected to conclude next month.

Tidal developer Atlantis placed 57,142,857 new ordinary shares valued at 35 pence each.

Chief executive Tim Cornelius said: “This reflects the confidence and belief (investors) share in the company’s transformational growth prospects as we move into an exciting new era.”

Atlantis agreed last December to acquire Simec’s mothballed Uskmouth co-firing plant in south Wales in return for Simec owning a 49.99% share of the Edinburgh tidal outfit to be renamed Simec Atlantis Energy.

The plant will be converted to run off energy pellets made from plastic from 2020.

Simec Group energy and mining chief executive Jay Hambro added: “Simec Atlantis Energy, the first part of the group to achieve listed status, will be a major new force in the renewable energy sector."

Image: Atlantis