Altech Chemicals Limited (ASX:ATC)
has raised $1.2 million via a share placement to professional and sophisticated investors at 8.6 cent per share.
The issue price is at a 14 per cent discount to the VWAP for the last five trading days to 18 March 2016.
Funds raised from the placement will be applied to finalising the detailed design of the company’s high purity alumina plant in Johor, Malaysia.
The company has also offered a share purchase plan for eligible shareholders to subscribe for a maximum of $15,000 of shares at 8.6 cents per share.
Altech Chemicals reported a net loss of $1.58 million at 31 December 2015.