Altech - Total Funds Raised of $13.3M
Perth, Aug 7, 2023 AEST (ABN Newswire) - Altech Batteries Limited (
ASX:ATC) (A3Y:FRA) advises that, in accordance with the indicative timetable, the Company's pro-rata non-renounceable entitlement offer of one fully paid ordinary share in the capital of the Company (Share) for every eight Shares held by eligible shareholders on the record date of 21 July 2023, at an issue price of $0.07 per Share to raise up to $12,859,201 (Entitlement Offer), closed at 5:00pm on Friday, 4 August 2023.
The Company received applications to subscribe for 80,548,247 new Shares from eligible shareholders, which represents approximately 44% of all Shares offered under the Entitlement Offer.
Chief Financial Officer Mr Martin Stein stated "Altech is extremely pleased with the support that our shareholders have provided with the take up of the Entitlement Offer. Together with the recent placement that raised $3,000,000, and with the $6,700,000 underwritten for the Entitlement Offer, total proceeds have been raised of $13,300,208. Directors have also participated in the Offer, and together with the underwriting by major German shareholders Deutsche Balaton and Delphi, this sends a strong message of support for both the CERENERGY(R) and Silumina AnodesTM battery projects.
Funds received will be applied to both of these projects, as Altech commercialises the 100MWh CERENERGY(R) battery production plant as well as the 10,000tpa Silumina AnodesTM battery materials plant, with both projects to be constructed on Altech's land in Germany. Altech believes that as the world turns to the electrification of energy solutions, these projects are well placed with enormous potential upside. We continue to work hard to maximise these projects for the benefit of all of our loyal shareholders".
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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