Altech Batteries Ltd Stock Market Press Releases and Company Profile
Completion of $2.0 Million Share Placement
Completion of $2.0 Million Share Placement

Perth, May 31, 2017 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (googlechartASX:ATC) is pleased to announce that following the unanimous approval of shareholders in a General Meeting held on 29 May 2017, the Company has now completed the $2 million placement of shares at $0.14 per share, to existing Malaysian cornerstone investor MAA Group Berhad (KLSE:MAA).

Highlights

- A$2 million received from share placement to existing cornerstone investor
- Shares issued at $0.14 per share
- Existing Malaysian shareholder MAA Group Berhad

Funds raised from the share placement will be applied to the completion of detailed design and engineering of the Company's proposed Malaysian high purity alumina (HPA) plant.

MAA Group Berhad (MAAG) is a Malaysian publicly listed insurance, investment, credit and finance group and an existing shareholder of Altech. Altech non-executive director, Tunku Yaacob Khrya is the executive chairman and majority shareholder of MAAG, consequently the placement of shares to MAAG was subject to the prior approval of Altech shareholders.

The Company has issued 14,285,714 shares to MAAG for this placement, taking the total shareholding of MAAG in the Company to 25,913,621 shares or 9.23% of total issued shares.


About Altech Batteries Ltd

Altech Chemical Ltd ASX:ATCAltech 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.

https://twitter.com/altechbatteries https://www.facebook.com/AltechChemicals/ https://au.linkedin.com/company/altechbatteries abnnewswire.com 


Contact

Corporate
Iggy 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



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 4) (Last 30 Days: 34) (Since Published: 3469)