Highlights
It is proposed that the Shares and Options under the Placement will be issued on 22 November 2024 and will be issued out of the Company’s available capacity under Listing Rules 7.1.
The Placement was managed by Evolution Capital. The costs associated with the Placement was a 6% fee on all funds raised. Evolution Capital will also receive 8,000,000 ATCOC options for managing the Placement.
The funds raised under the Placement will be used for:
Managing Director Mr Iggy Tan stated “We are encouraged by the strong market interest in our current initiatives. In August 2024, we conducted an Entitlements Issue at $0.04 per share that provided our existing shareholders with a fair opportunity to participate previously. The current placement at $0.06 per share represents a 50% premium over the recent Entitlements Issue price and Altech does not intend to conduct another Entitlement Issue at the higher price.
This capital raise comes at an exciting juncture for Altech as it advances the commercialisation of its 120MWh CERENERGY® battery project and nears commissioning of the Silumina Anodes™ pilot plant. A portion of the funds will also be allocated to a preliminary study for a larger 4 GWh battery facility, marking the next significant step towards commercialisation”.
The table below outlines the intended use of funds for the $4M raised via this placement.
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