Placement & Entitlement Offer to Advance Battery Projects
Perth, July 17, 2023 AEST (ABN Newswire) - Altech Batteries Ltd (
ASX:ATC) (A3Y:FRA) is pleased to announce a total capital raising of up to approximately $15.8 million, comprising the issue of up to 226,560,014 fully paid ordinary shares in the capital of the Company (Shares) at an issue price of $0.07 per Share ("Capital Raising").
Managing Director Mr Iggy Tan stated "We are delighted with the outcome of the capital raising. Altech's major shareholders, Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft, have agreed to partially underwrite the Entitlement Offer for $6,700,000. Having the support of these German shareholders is very pleasing. The capital raising has come at an exciting time for Altech, as we progress with the commercialisation of the 100MWh CERENERGY(R) battery project, as well as near completion of our Silumina AnodesTM pilot plant".
Capital Raising
The Capital Raising comprises:
- a single tranche placement of 42,857,142 Shares to sophisticated and professional investors at an issue price of $0.07 per Share to raise $3 million ("Placement"); and
- a proposed partially underwritten non-renounceable entitlement offer of 1 Share for every 8 Shares held by Eligible Shareholders (defined below) at the same issue price as the Placement of $0.07, to raise up to approximately $12.8 million ("Entitlement Offer").
It is proposed that the Shares under the Placement will be issued prior to the record date of the Entitlement Offer on 5.00pm (AWST) Friday, 21 July 2023 and will be issued out of the Company's available capacity under Listing Rules 7.1.
Intended Use of Funds
The funds raised under the Entitlement Offer will be used for:
- CERENERGY(R) project Definitive Feasibility Study, fabrication of two 60kWh battery prototypes and Fraunhofer joint venture payments.
- Finalise construction and commissioning of the Silumina AnodesTM pilot plant and the Definitive Feasibility Study for this project.
- Corporate costs and working capital.
To view the Key Dates, please visit:
https://abnnewswire.net/lnk/621Y1845
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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