Altech Batteries Ltd Stock Market Press Releases and Company Profile
Quarterly Activities and Cashflow Report
Quarterly Activities and Cashflow Report

Perth, Jan 31, 2020 AEST (ABN Newswire) - Altech Chemicals Ltd (googlechartASX:ATC) raised a total of A$4.6 million during the quarter consisting of A$1.8 million from a share placement and A$2.8 million from a share purchase plan (SPP) that was well supported by existing shareholders. Both the placement shares and the SPP shares were issued at a price of 9.75 cents per share, representing a 15% discount to the price of the Company's shares as traded on the ASX at the close of trade on Monday, 2 December 2019.

The share placement was anchored by the Company's major shareholders Deutsche Balaton AG / Delf, which subscribed to $0.6 million of new shares, the balance of the share placement was supported by a range of professional and sophisticated investors, many of whom are long-term holders of Altech shares. The number of applications for new shares that the Company received from existing shareholders under the SPP was pleasing. In excess of 300 shareholders participated in the SPP and contributed an additional $2.8 million, which is an excellent outcome - especially considering the timing of the SPP which coincided with the Christmas/New Year period.

Proceeds will be applied to the Company's project funding strategy, payments for Stage 2 engineering and construction activities at the Company's high purity alumina (HPA) plant in Johor, Malaysia, and for administration and working capital purposes.

To view the quarterly report, please visit:
https://abnnewswire.net/lnk/K16QPHR8


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: 2) (Last 30 Days: 19) (Since Published: 2394)