Altech - $2m Deferred Placement Funds Rec'd (Appendix 3B)
Perth, Nov 18, 2019 AEST (ABN Newswire) - Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) is pleased to announce that it has today received $2 million from the Melewar Group (Melewar), being settlement by Melewar of its commitment as part of the $18 million share placement announced by the Company in April 2019.
Highlights
- $2 million share placement funds received from Melewar Group
- Follows re-approval by shareholders at 14 November 2019 AGM
- Melewar remains the Company's second largest shareholder at 9%
- Shares have now been allotted
As a related party by virtue of Tunku Yaacob Khyra's position as a non-executive director on the board of Altech, approval of Company shareholders was required for Melewar to participate in the April 2019 share placement. Shareholder approval was originally obtained at a General Meeting of the Company on 6 June 2019, and was valid for a period of 30 days.
Due to various administration issues, Melewar was unable to remit the settlement funds within the prescribed period which resulted in a second approval for its participation in the share placement being required. Rather than convene a shareholder meeting for the sole-purpose of re-approving Melewar's participation in the share placement in September 2019, the Company decided to include a resolution at its Annual General Meeting (AGM) of shareholders, which was held last Thursday - 14 November 2019. At the AGM, shareholders overwhelmingly re-approved Melewar's participation in the share placement, and as a result Melewar has promptly remitted the settlement funds to the Company.
Melewar remains the 2nd largest holder of Company shares with a holding of 9.12%, the largest holder of Company shares is Deutsch Balaton AG / Dephi, with 15.8%.
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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