Atome Energy has raised £1.8 million through a discounted placing sending shares sharply lower on Monday.
The company issued 3.6 million new ordinary shares at 50p per share to help finance the development of its s fertiliser business in South America. Atome directors and senior management subscribed for £665,000 worth of shares.
Atome Energy shares were down 10% to 50p at the time of writing and were approaching the lowest levels since the company listed on AIM in late 2021.
Paraguay Project
Atome’s board jumped at the chance to secure funds by way of a placing after a minor bounce for shares last week in an otherwise solid downtrend. Atome stated the money raised will help expedite growth and development of its flagship green fertiliser project in Paraguay. Specifically, the funds will be used for engineering and design works on the Villeta project.
Its 145MW Villeta project is now at an advanced stage, with a signed power purchase agreement in place.
Full production at Villeta is targeted for 2026, when Atome aims to become one of the world’s largest green fertiliser producers. The company has a global project pipeline exceeding 600MW.