Altech Batteries (ASX: ATC) extends closing date for AU$5M share purchase plan

May 03, 2024 11:59 AM AEST | By Sonal Goyal

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Altech Batteries (ASX: ATC) extends closing date for AU$5M share purchase plan — Image source: @Dmitriy/Pixabay

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Highlights

Closing date for the share purchase plan (SPP) extended to 15 May 2024.

This development gives sufficient time to eligible shareholders to participate in the SPP.

Funds raised will support the company’s battery materials and battery technology projects.

Altech Batteries Limited (ASX: ATC) has provided an update regarding the AU$5 million SPP announced on 17 April 2024. In response to shareholder feedback requesting more time to participate in the capital raise, the company has extended the SPP closing date by one week.

Following shareholder feedback, the board revised the closing date to 15 May 2024 from 8 May 2024. This extension offers substantial time to interested shareholders to participate in the SPP.

Details of the SPP

Under the SPP, the company offers up to AU$30k worth of shares to each shareholder at an issue price of AU$0.065 apiece. Additionally, for every two shares subscribed, shareholders will receive one free attaching option with an exercise price of AU$0.08 and an expiry date of 30 April 2026.

The funds raised through the SPP will support the company’s battery technology and battery materials projects.

ATC shares traded at AU$0.061 apiece at the time of writing on 3 May 2024.

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