Altech Batteries (ASX:ATC) raises AU$2.08mn through entitlement issue shortfall

October 02, 2024 11:45 AM AEST | By Sonal Goyal

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Highlights

ATC has secured binding commitments for a shortfall of 51.97 million shares, raising over AU$2.08 million.

Participants will receive one free option for every two shares, exercisable at AU$0.06 and expiring on 31 December 2025.

Funds will support the CERENERGY® Batteries Project and Silumina Anodes™ Battery Materials Project.

ATC shares surged nearly 9% as of the time of writing.

Altech Batteries Limited (ASX:ATC) has provided an update on its entitlement issue, initially announced on 7 August 2024 and closed on 10 September 2024, to raise AU$6.47 million. The company has successfully secured binding commitments for the remaining shortfall of 51.97 million shares, raising over AU$2.08 million in proceeds.

For every two shares issued, participants will receive one free option, exercisable at AU$0.06, with expiry due on 31 December 2025.

The shares and options are expected to be allotted by 9 October 2024.

With this development, the company is now well-placed to advance the commercialisation of CERENERGY ^® Batteries Project as well as further research and commercialisation of its Silumina Anodes^TM Battery Materials Project.

ATC shares jump

Following this update, ATC shares jumped 8.93% to trade at AU$0.061 apiece at the time of writing on 2 October 2024.

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