Altech Chemicals Ltd (ASX:ATC) $12.5 million raised from Rights Issue

Altech Chemicals Limited (ASX:ATC) (FRA:A3Y) is pleased to advised that $12.5 million has been raised (before costs) via its non-renounceable entitlement offer that was launched on 9 November 2020, and closed 11 December 2020.

The entitlement offer was on the basis of two (2) new shares at $0.04 each for every five (5) shares held by Altech shareholders at the Record Date (13 November 2020), plus one free attaching option for each two (2) new shares subscribed and issued (exercise price $0.08, expiry 31 May 2022) (the Offer).

Applications for entitlement shares (inclusive of applications for shortfall shares in excess of entitlement) were received from 655 shareholders for a total of $7,337,213 (183,430,336 new shares and 91,715,168 attaching options).

In addition, applications totalling $1,111,853 (27,796,315 new shares and 13,898,157 attaching options) were received under the shortfall offer, and the underwriters of the Offer (Deutsche Balaton/Delphi and Melewar) will subscribe to their respective underwriting amounts which will total $4,087,070 (102,176,748 new shares and 51,088,374 attaching options).

The issue and allotment of the entitlement offer new shares and options is scheduled for Friday 18 December 2020, and the underwritten portion of the shortfall offer will be issued and allotted upon settlement; the residual shortfall offer may be placed at the directors discretion within 3 months of the close of the Offer. Holding statements for the new shares and options will be dispatched at the end of December 2020.

Commenting on the results of the offer, Altech managing director Iggy Tan said "the Company is extremely pleased with the outcome of the Offer and the number of shareholders that have elected to participate. This new funding will be applied to Altech's various European initiatives - including listed green bonds, development activities associated with anode grade high purity alumina (HPA), activities in support of securing the balance of finance for Altech's Malaysian HPA plant, payments for early works stage 2 construction and the balance of consideration for the acquisition of shares in Altech Advanced Materials AG, plus ongoing corporate costs and working capital. 2021 is poised to be an extremely busy year for the Company as we aim to finalise the project funding for our Johor HPA project".


About Altech Batteries Ltd

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

    

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