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Altech Chemicals - Share Purchase Plan Raises $2.2 Million


Highlights

• $2.2 million raised via Share Purchase Plan
• In excess of 250 shareholders participated

Altech Chemicals Limited (Altech/the Company) (ASX: ATC) (FRA: A3Y) is pleased to announce that it received applications from existing shareholders for $2.2 million of new shares, at an offer price of $0.107 per share, under its Share Purchase Plan (SPP), which closed on Friday 17 December 2021.

The response to the SPP from shareholders is extremely positive. The Company is pleased to advise that all applications will be accepted in full and that the new shares are expected to be allotted on Thursday 23 December 2021.

Altech managing director Iggy Tan stated “The Company is extremely pleased with the number of applications for new shares that it received from shareholders under the SPP. In excess of 250 shareholders participated, which is an excellent outcome, especially considering the timing of the SPP just prior to the Christmas and New Year period. The funds raised from the SPP is in addition to the $8.1 million share placement announced on 2 December 2021. Altech is well funded to advance its battery materials development. On behalf of the Board of Directors, I would like to express gratitude to shareholders for their support of the SPP”.

Proceeds from the SPP, together with the funds raised from the recent placement, will be applied to funding the construction of a battery materials coating plant in Germany by the Company’s 75% owned subsidiary Altech Industries Germany GmbH; purchase of land at the Schwarze Pumpe Industrial Park in Saxony, Germany; completion of the preliminary feasibility study in relation to the construction of a 10,000tpa battery materials plant; a definitive feasibility study for construction of a battery materials plant; and for working capital purposes.

For more information, download the attached PDF.

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