Altech Chemicals Ltd (
SMS group is still committed to contribute A$13 million of additional equity at project financial close. A number of professional and sophisticated investors also supported the placement.
Proceeds from the placement will be applied towards the commencement of Stage 2 engineering and construction of the Company's high purity alumina (HPA) plant in Johor, Malaysia, and for administration and working capital purposes. Petra Capital was the lead broker for the placement.
In Johor, Stage 2 engineering and construction works will include: third party and supplier engineering; advancing various civil loads in the plant; and advancing current Stage 1 activities.
Altech is continuing with its strategy of running the construction of the HPA plant in parallel with project financial close, thereby ensuring that project momentum is maintained. The placement shares were issued at a price of $0.1085 per share, which represents a 16.5% discount to the price of the Company's shares as traded on the ASX at the close of trade on 11 April 2019 (prior to the pre-placement trading halt).
Key participants in the share placement were:
Delphi Unternehmensberatung AG: A$ 5.425 million
Deutsche Balaton AG: A$ 5.425 million
Melewar Group: A$ 2.00 million
SMS Investments: A$ 2.00 million
Total for key participants A$ 14.85 million
The Company was extremely pleased with the support that it received for the share placement and is delighted to welcome German strategic investors Deutsche Balaton and Delphi which will have a combined 13.6% shareholding in the Company once the placement is fully complete.
For the full report, please visit:
http://abnnewswire.net/lnk/MXIGU9C1
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.
Contact
CorporateIggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com
Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com
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