Altech Batteries (ASX:ATC) raising AU$8.9M to Propel CERENERGY® and Silumina Anodes^TM Projects

August 07, 2024 01:47 PM AEST | By Aditi Sarkar

Altech Batteries (ASX:ATC) raising AU$8.9M to Propel CERENERGY® and Silumina Anodes<sup>TM</sup> Projects

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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 Anodes^TM

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 Anodes^TM 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 Anodes^TM 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.

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