Altech Batteries Ltd Stock Market Press Releases and Company Profile
Altech - Altech Advanced Materials AG Right Offer Result
Altech - Altech Advanced Materials AG Right Offer Result

Perth, Jan 20, 2020 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (googlechartASX:ATC) (googlechartA3Y:FRA) in conjunction with Altech Advanced Materials AG (AAM) is pleased to provide an update on AAM's capital raising initiatives.

On 17 January 2020 AAM announced that Stage 1 of its capital raise, a 40:1 rights offer to existing shareholders at a price of EUR1.10 per new share had resulted in subscriptions for approximately EUR2.0 million of new shares and had been registered on 16 January 2020. As AAM had ~1.5m shares on issue, and approximately 100 predominantly retail shareholders eligible to participate in the rights offer, funds raised via the offer was in line with expectations.

AAM had anticipated that the next phase of its capital increase could proceed using the prospectus that was prepared for the 40:1 rights offer, subject to shareholder approval at its 15 January 2020 Extraordinary General Meeting (EGM). However on 10 January 2020, AAM was advised by the Mannheim Local Court that the court would not support the proposed extension deadline. An updated prospectus is thus required for lodgement with BaFin in conjunction with shareholder re-approval of the capital increase for the Stage 2 (external parties) fund raising.

AAM has further advised Altech that at this point in time it does not anticipate that the preparation of an updated prospectus or the convening of another shareholder EGM will result in a delay in the timeframe for the planned Stage 2 capital raise. AAM in conjunction with Altech will be conducting marketing roadshows in Europe during this quarter.


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.

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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



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