Altech - Capital Raising Update
Perth, July 22, 2016 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (
ASX:ATC) advises that further to the suspension in trading of the Company's securities on the Australian Securities Exchange (ASX) pre-open this morning.
Perth stockbroking firm DJ Carmichael Pty Ltd (Lead Manager) and Hong Kong stockbroking firm Empire Capital Partners (Co-Manager) are arranging a placement of fully paid ordinary shares of the Company to a variety of professional and sophisticated investors (the Placement).
Funds raised by the Placement will be applied to the detailed design of the Company's proposed high purity alumina (HPA) plant at Johor, Malaysia, the completion of debt financing for the project and for general working capital purposes.
As the Company has recently conducted a share purchase plan (SPP) (March 2016), the Company will not be making an SPP offer to existing shareholders (annual limit of $15,000 SPP per 12 month period). Please direct any inquiries about the Placement to the Company Secretary Mr Shane Volk, or DJ Carmichael in Perth.
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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