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.