Update on Proposed Capital Raise
Perth, Nov 6, 2020 AEST (ABN Newswire) - Further to the request of Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) for the trading of its securities to be halted by ASX this morning pending the release on an announcement regarding a capital raise, the Company is pleased to provide the following update.
Altech is proposing a non-renounceable pro-rata entitlement offer whereby existing shareholders eligible to participate in the offer may subscribe for two (2) new shares for every five (5) Altech shares held, at an issue price of AU$0.04 per new share, together with one (1) free attaching option (at an exercise price of AU$0.08 per share and an expiry date of 31 May 2022) for each two (2) new shares acquired (the Offer).
The Company is in the process of finalising the Prospectus for the Offer, which it expects to lodge with ASIC on Monday 9 November 2020.
Full details of the Offer, including the timetable, underwriting arrangements and shareholder eligibility are expected to be announced to the ASX pre-market Tuesday 10 November 2020, at which time the Company also expects to request that the ASX remove the trading halt for its securities.
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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