Controlled Placement Agreement Share Issue
Perth, May 1, 2020 AEST (ABN Newswire) - Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) announces its first utilisation of the Controlled Placement Agreement (CPA) established with Acuity Capital (Acuity) on 27 February 2020.
Highlights
- $300,000 utilisation of Controlled Placement Agreement
- 6,665,000 shares issued at $0.045 per share
- Issue price above the closing price of ATC shares on 1 May 2020
Altech has raised $300,000 (net of costs) under this initial CPA utilisation via the issue of 6,665,000 fully paid ordinary shares to Acuity. The shares were issued at a price of $0.045 per share, which is slightly above the closing price of the Company's shares as traded on the ASX today, and is a 13% discount to the 15-day VWAP of $0.051 per share to the close of trade today. The share issue to Acuity has been made under the Company's ASX Listing Rule 7.1A placement capacity. Funds raised will be applied to corporate costs, including the Company's ongoing European initiatives.
In addition, the Company has issued 264,914 fully paid ordinary shares under its ASX Listing Rule 7.1 placement capacity, to a consulting group for various services rendered.
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.
| ||
|
