Altech Advanced Materials Rights Offer Update
Perth, Jan 21, 2020 AEST (ABN Newswire) - Further to its ASX announcement of 20 January 2020, Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) in conjunction with Altech Advanced Materials AG (AAM) provides a further update on the result of AAM's recently concluded rights offer.
Altech was formally advised by AAM on Monday morning 20 January 2020 (Central European time) (approximately 13:30 WST, Australia or 16:30 AEST - after ASX market close) that the Mannheim Local Court, Germany denied registration of the new shares that were to be issued from AAM's recently completed EUR2.0 million rights offer. The denial of registration was due to a technical issue (typing error), which in the opinion of AAM's advisers was not relevant, however the court refused registration of the new shares and consequently all funds have been returned to rights offer participants.
AAM has advised Altech that it will move quickly to re-commence the rights offer process, which will involve the lodgement of an updated prospectus with BaFin (the German financial regulator) and shareholder re-approval of the proposed capital increase consisting of a rights offer and subsequent external share placement. AAM will also proceed with its planned marketing roadshows in conjunction with Altech during the current quarter.
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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