TIDMARL

RNS Number : 5676X

Atlantis Resources Limited

09 May 2016

9 May 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

Completion of Acquisition of Projects from ScottishPower Renewables

Atlantis, a global leader in the tidal power sector, is pleased to announce that it has, through a wholly owned subsidiary of the Company, completed the acquisition of Scottish tidal project assets from ScottishPower Renewables (UK) Limited ("SPR") in exchange for a stake in the Company's wider development portfolio.

Accordingly, as consideration for the acquisition, Tidal Power Scotland Limited ("TPSL") has issued new ordinary shares to SPR resulting in a shareholding for SPR of 6% of the enlarged share capital of TPSL. As a result of the transaction, TPSL has acquired development rights for an additional 110MW of projects in Scotland, including the seabed rights, grid access and consents for the 10MW Sound of Islay project.

TPSL is the holder of the Company's Scottish development portfolio, including an 85% shareholding in the 398MW MeyGen project.

Enquiries:

 
                                     +44 (0)20 3727 
 Atlantis Resources                   1000 
 Tim Cornelius, Chief Executive 
  Officer 
 Simon Counsell, Chief Financial 
  Officer 
 
 Peel Hunt LLP (Nominated Adviser    +44 (0)20 7418 
  and Broker)                         8900 
 Daniel Harris 
  Jock Maxwell Macdonald 
  Euan Brown 
 
                                     +44 (0)20 3727 
 FTI Consulting                       1000 
 Ben Brewerton 
  Alex Beagley 
  Stephanie Blott 
  James Styles 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 09, 2016 02:00 ET (06:00 GMT)

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