• Successful $8.1 million share placement with strong demand
• Allows next stage of Battery Materials development
• Funding of pilot plant, land purchase, finalisation of PFS & DFS
• Initiation of a Share Purchase Plan
Altech Chemicals Limited (Altech/Company) (ASX: ATC) (FRA: A3Y) is pleased to announce the successful completion of a $8.1 million (before costs) share placement (Placement) following strong demand. The Company led placement (without a lead broker) was oversubscribed, with strong demand and interest.
The Company will also initiate a Share Purchase Plan (SPP) whereby existing shareholders can apply for up to $30,000 of new Altech shares at the same price as the Placement participants. The Placement and SPP shares will be issued at a price of 10.7 cents per share, representing a 24% discount to the price of the Company’s shares as traded on the ASX at the close of trade on Monday 29 November 2021, which was 14.0 cents per share (and 19.5% discount to the 5 day VWAP at the close of trade on Monday 29 November 2021). The Placement shares will be issued in a single tranche under the Company’s current share placement capacity pursuant to ASX Listing Rule 7.1. Approximately 76 million shares will be issued pursuant to the Placement.
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