Altech secures another quality cornerstone investor
Perth, June 9, 2016 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (
ASX:ATC) is pleased to announce that it has secured another quality cornerstone investor, MAA Group Berhad (MAAG), which will subscribe to $1.0 million of Altech shares (March 2016 placement shares).
Highlights
- Altech secures Malaysian publicly listed MAA Group Berhad (MAAG) as cornerstone investor
- MAAG is an insurance, investment, credit and finance group with total assets of RM1.45 billion
- Placement of $1.0 million of March 2016 shortfall shares
- A total of ~$5.0 million raised since March 2016
MAAG is a Malaysian publicly listed insurance, investment, credit and finance group with total assets of RM1.45 billion and annual turnover of RM484 million. Altech agreed with MAAG for participation in the in March 2016 share placement, but its participation was subject to the completion by MAAG of internal governance requirements and due diligence processes, all of which have now been satisfied.
A total of 11,627,907 shares will be issued to MAAG at $0.086 per share, which was the March 2016 share placement price. The issuing of the shares will be subject to the approval of Altech shareholders as Tunku Ya'acob bin Tunku Tan Sri Abdullah (a non-executive director of Altech) is the executive chairman and a majority shareholder of MAAG.
Upon approval of the share issue, MAAG will hold approximately 6% of the issued shares of Altech. Melewar International Investment Company Limited, a company also controlled by Tunku Ya'acob bin Tunku Tan Sri Abdullah, will hold approximately 9% of the Company.
The share issue to MAAG will bring the total amount raised by the Company since March 2016 to approximately $5.0 million (including $2.0 million from the sale of an exploration licence). All funds raised will be applied towards finalising the detailed design of Altech's proposed Malaysia high purity alumina (HPA) plant, finalising debt funding for the HPA project, and for general working capital purposes.
Altech managing director, Mr Iggy Tan said, "We are very excited to have a cornerstone investor with the pedigree of MAAG join our register. Altech continues to be most appreciative of the support for the Company and its HPA project by Tunku Ya'acob bin Tunku Tan Sri Abdullah and his associated companies", Mr Tan concluded.
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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