Altech Batteries Ltd Stock Market Press Releases and Company Profile
Altech Advanced Materials AG Capital Raise Update
Altech Advanced Materials AG Capital Raise Update

Perth, Dec 20, 2019 AEST (ABN Newswire) - Altech Chemicals Limited (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to provide an update on the capital raise process that was initiated by Altech Advanced Materials AG (AAM) on 3 December 2019 (refer to ASX announcement dated 2 December 2019 for details).

Highlights

- AAM Rights Issue acceptance date extended to 10 January 2020

- Shareholder meeting convened to extend implementation timeframe for AAM Capital Increase by 3 months to 16 April 2020

Stage 1 of the AAM capital raise is a 40:1 rights offer, whereby all exiting AAM shareholders have the right to subscribe to 40 new AAM shares for each share they hold in AAM, at a price of EUR1.10 per new share. AAM has advised Altech that it has extended the acceptance date for this offer to 10 January 2020. The decision to extend was taken in response to a number of shareholders who advised AAM that their respective custodian banks had not informed them of the offer until just prior to the original acceptance close date, and that the late advice had not provided sufficient time for these shareholders to make their respective investment decision.

AAM has further advised Altech that it will convene a General Meeting of its shareholders on 15 January 2020, at which it will seek shareholder approval to extend by 3 months to 16 April 2020, the date by which AAM has to complete its proposed EUR69.4 million capital increase. AAM has stated that it is confident that it will receive shareholder approval for the revised date. The additional time will provide AAM a 3-month window after the 2019 Christmas/New Year period to promote Altech's HPA project and the investment opportunity to institutional investors for private placement, following on from the retail investor focussed Rights Issue.


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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