Altech Batteries Ltd (ASX:ATC, OTC:ALTHF) is raising up to A$8.9 million to further progress its CERENERGY® battery project as well as commissioning of Silumina Anodes™ pilot plant.
The capital raise consists of an A$8.5 million entitlement offer and an A$405,000 share placement and will see Altech issue up to 223,946,491 fully paid ordinary shares at $0.04 per share.
Funds raised will be used for:
- Furthering process of securing plant finance and offtake for CERENERGY® project.
- Completion of fabrication of two 60kWh battery prototypes for CERENERGY® project.
- Finalise commissioning of the Silumina Anodes™ pilot plant.
- Corporate costs and working capital.
Participants in the placement and entitlement offer will also receive free attaching options on the basis of one option for every two shares held, with each option having an exercise price of $0.06 and an expiry date of December 31, 2025.
In a strong show of confidence, the entitlement offer has been partially underwritten for $5 million by existing shareholder MAA Group Berhad, an entity related to Altech director Tunku Yaacob Khyra.
“Exciting time" for Altech
Altech managing director Iggy Tan said “We are pleased with the outcome of the capital raise and to have Altech director and Malaysian Prince Tunku Yaacob Khyra’s related entity, major shareholder MAA Group Berhard, partially underwrite the entitlement offer for $5 million, is very pleasing.
“The capital raising has come at an exciting time for Altech, as we progress with the commercialisation of the 120MWh CERENERGY® battery project, as well as commissioning of our Silumina Anodes™ pilot plant.”