Share Purchase Plan Raises $2.2 Million
Perth, Dec 20, 2021 AEST (ABN Newswire) - Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) is pleased to announce that it received applications from existing shareholders for $2.2 million of new shares, at an offer price of $0.107 per share, under its Share Purchase Plan (SPP), which closed on Friday 17 December 2021.
The response to the SPP from shareholders is extremely positive. The Company is pleased to advise that all applications will be accepted in full and that the new shares are expected to be allotted on Thursday 23 December 2021.
Altech managing director Iggy Tan stated "The Company is extremely pleased with the number of applications for new shares that it received from shareholders under the SPP. In excess of 250 shareholders participated, which is an excellent outcome, especially considering the timing of the SPP just prior to the Christmas and New Year period. The funds raised from the SPP is in addition to the $8.1 million share placement announced on 2 December 2021. Altech is well funded to advance its battery materials development. On behalf of the Board of Directors, I would like to express gratitude to shareholders for their support of the SPP".
Proceeds from the SPP, together with the funds raised from the recent placement, will be applied to funding the construction of a battery materials coating plant in Germany by the Company's 75% owned subsidiary Altech Industries Germany GmbH; purchase of land at the Schwarze Pumpe Industrial Park in Saxony, Germany; completion of the preliminary feasibility study in relation to the construction of a 10,000tpa battery materials plant; a definitive feasibility study for construction of a battery materials plant; and for working capital purposes.
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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