Highlights
- Altech launches a AU$8.5 million pro-rata entitlement offer at AU$0.04 per share for existing eligible shareholders.
- Participants will receive free attaching options, with 1 option for every 2 shares held.
- The options will have an exercise price of AU$0.06 and will expire on 31 December 2025.
- Funds raised will be allocated to advancing the CERENERGY® and Silumina AnodesTM
Altech Batteries Limited (ASX:ATC) (FRA: A3Y) has announced a substantial capital raising effort totalling approximately AU$8.9 million. The company will issue up to 223,946,491 fully paid ordinary shares at a price of AU$0.04 per share. This funding initiative comes as Altech advances the commercialisation of its 120MWh CERENERGY® battery project and prepares to commission its Silumina AnodesTM pilot plant.
The funds raised will be allocated as follows:
- Advancing the process of securing financing and offtake agreements for the CERENERGY® project.
- Completing the fabrication of two 60kWh battery prototypes for the CERENERGY® project.
- Finalising the commissioning of the Silumina AnodesTM pilot plant.
- Covering corporate expenses and enhancing working capital.
Data source: Company update
ATC shares traded at AU$0.038 at the time of writing on 7 August 2024.