Altech Share Placement and Share Purchase Plan
Perth, Mar 24, 2016 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (
ASX:ATC) is pleased to advise that it has raised $1.2 million via a placement of shares to a variety of professional and sophisticated investors at 8.6 cents per share (the Placement). The issue price represents a ~14% discount to volume weighted average price (VWAP) for Altech shares as traded on the Australian Securities Exchange (ASX) for the last 5 trading days to 18 March 2016 and a ~20% discount to the 10 day VWAP.
Funds raised from the Placement will be applied to finalising the detailed design of the Company's proposed high purity alumina (HPA) plant at Johor, Malaysia, for the completion of debt financing and for general working capital purposes.
The Placement shares will be issued to a variety of professional and sophisticated investors in accordance with Section 708 of the Corporations Act. Allotment of the Placement shares is expected to be on 1 April 2016 and the shares will rank equally with existing ordinary shares.
Share Purchase Plan
As announced on 21 March 2016, the Company is pleased to offer to existing eligible shareholders the opportunity to subscribe to a maximum of $15,000 of new shares, at the same price as the Placement (8.6 cents per share), via a Share Purchase Plan (SPP).
Under the SPP rules, existing shareholders who are recorded on the share register at 23 March 2016 (record date), with a registered address in Australia or New Zealand will be eligible to participate and each eligible shareholder will be entitled to apply for up to $15,000 of new fully paid ordinary shares of the Company at 8.6 cents per share without incurring any brokerage or other transaction costs. All new shares issued under the SPP will rank equally with existing ordinary shares of the Company.
The closing date for participation in the SPP will be Friday 8 April 2016. Full details of the SPP will be announced later today and individual letters including acceptance forms will be mailed to all eligible shareholders.
As settlement of the Placement will not occur until after the SPP record date, Placement participants will not be entitled to participate in the SPP unless they were already eligible shareholder of the Company at the record date.
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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