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Highlights
- Altech Batteries received proceeds of AU$3,721,000 in a share purchase plan.
- Funds will be directed towards the fabrication of two 60KWh CERENERGY® battery prototypes and commissioning of the Silumina AnodesTM pilot plant.
- Focus is on securing offtake agreements and financing to begin plant construction.
Altech Batteries Limited (ASX: ATC), a speciality battery technology firm, has received proceeds of AU$3,721,000 in a share purchase plan (SPP) announced by the company on 17 April 2024. The proceeds represent 57,246,037 shares at AU$0.065 per share. It also includes 28,622,799 free-attaching options at an exercise price of AU$0.08 per share, valid till 30 April 2026.
The SPP closed on 15 May, and the issuance and allocation of shares and options will be done on 21 May 2024. The company will apply for quotation of shares on the Australian Securities Exchange on 21 May 2024.
Reflecting on the SPP, Altech’s CEO and MD Iggy Tan stated “On behalf of the Board of Directors, I wish to thank all eligible shareholders that participated in the SPP and for the support extended to Altech as it moves forward with both its CERENERGY® battery project as well as Silumina AnodesTM battery materials project. The SPP was very well received and supported.”
He added that funds raised from the SPP will be diverted towards:
- Construction of two of the 60KWh CERENERGY® battery prototypes
- Commissioning of the Silumina AnodesTM pilot plant.
Having received a positive Definitive Feasibility Study and “excellent” economics for the 120MWh CERENERGY® battery project, Altech is now focused on securing both offtake agreements and financing to kickstart plant construction.
At the time of writing this article on 21 May, shares of ATC were trading at AU$ 0.063, with an uptick of around 1.61%.
