Altech Batteries Ltd (ASX:ATC, OTC:ALTHF) has successfully wrapped up a share purchase plan (SPP), raising A$3.72 million.
The funds raised will support Altech’s ongoing projects and strategic initiatives to strengthen its position in the battery sector.
Moving forward with projects
Altech CEO and MD Iggy Tan said: “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 Anodes battery materials project.
“The SPP was very well received and supported. I am also cognisant of the market’s expectation in relation to the fabrication of the two 60KWh CERENERGY® battery prototypes as well as the commissioning of the Silumina Anodes pilot plant, and funds received from the SPP will be applied towards this.
Positive economics
“With the positive definitive feasibility study and excellent economics for the 120MWh CERENERGY® battery project having been recently released in March 2024, Altech is also focused on securing offtake as well as finance to commence plant construction.”
The SPP, which closed on May 15, 2024, saw applications from eligible shareholders amounting to proceeds of A$3.721 million.
This represents the issuance of 57,246,037 shares at A$0.065 per share.
In addition, shareholders will receive 28,622,799 free-attaching options with an exercise price of A$0.08 per share, expiring on April 30, 2026.
Altech will issue and allot the shares and options on May 22, with the quotation of shares on the ASX also set for the same date.