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Highlights
- Altech Batteries is raising AU$4 million through a share placement to advance its CERENERGY® and Silumina Anodes™ projects.
- The placement, priced at AU$ 0.06 per share, includes 66.67 million shares and free attaching options.
- Funds will support a study for a 4 GWh battery facility, paving the way for future commercialisation.
Altech Batteries Limited (ASX:ATC), a specialty battery technology company, has announced a capital raise of AU$4 million. The funding comes at a pivotal time as the company progresses towards the commercialisation of its 120MWh CERENERGY® battery project and prepares for the imminent commissioning of its Silumina Anodes™ pilot plant.
Commenting on the capital raise, Altech’s 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.”
He also mentioned that part of the funds raised would be directed towards a preliminary study for a larger 4 GWh battery facility, a significant step towards the company’s commercialisation goals.
The issue price represented a 50% premium to recent entitlements issue on 7 August 2024.
The placement was overseen by Evolution Capital, which charged a 6% fee on the total funds raised. In addition, Evolution Capital will be granted 8,000,000 ATCOC options for its role in managing the placement.
The share price of ATC was AU$0.061 at the time of writing on 15 November 2024.
