{"id":12269,"date":"2024-11-15T00:51:59","date_gmt":"2024-11-15T00:51:59","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/11\/15\/altech-batteries-ltd4m-placement-to-advance-battery-projects\/"},"modified":"2024-11-15T00:51:59","modified_gmt":"2024-11-15T00:51:59","slug":"altech-batteries-ltd4m-placement-to-advance-battery-projects","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/11\/15\/altech-batteries-ltd4m-placement-to-advance-battery-projects\/","title":{"rendered":"Altech Batteries Ltd$4M Placement to Advance Battery Projects"},"content":{"rendered":"<\/p>\n
Perth, Australia (ABN Newswire) \u2013 Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) announces a capital raising of $4 million, comprising the issue of 66,666,667 fully paid ordinary shares in the capital of the Company at an issue price of $0.06 per Share. <\/p>\n

Highlights <\/p>\n

\u2013 Binding Commitments to raise $4 million <\/p>\n

\u2013 Placement oversubscribed <\/p>\n

\u2013 Issue price of $0.06 per share, a 50% premium to recent Entitlements Issue on 7 August 2024 <\/p>\n

\u2013 Funds will be used to further progress the CERENERGY(R) and Silumina AnodesTM Projects <\/p>\n

This price is a premium of 50% of the issue price to the Company\u2019s shareholders in the recent Entitlement Offer conducted on 7 August 24. Participants in the placement will also receive free attaching listed options (ASX:ATCOC) of 1 option for every 1 share issued with an exercise price of $0.06 and expiry date of 31 December 2025. <\/p>\n

It is proposed that the Shares and Options under the Placement will be issued on 22 November 2024 and will be issued out of the Company\u2019s available capacity under Listing Rules 7.1. <\/p>\n

The Placement was managed by Evolution Capital. The costs associated with the Placement was a 6% fee on all funds raised. Evolution Capital will also receive 8,000,000 ATCOC options for managing the Placement. <\/p>\n

The funds raised under the Placement will be used for: <\/p>\n

\u2013 Securing project finance and bank due diligence process <\/p>\n

\u2013 Securing offtake for CERENERGY(R) project <\/p>\n

\u2013 CERENERGY(R) environmental and project permitting <\/p>\n

\u2013 Completion of fabrication of second 60kWh battery prototype for CERENERGY(R) project <\/p>\n

\u2013 Finalise commissioning of the Silumina AnodesTM pilot plant <\/p>\n

\u2013 Preliminary assessment into a 4 GWh factory (Giga factory) <\/p>\n

\u2013 Corporate costs and working capital. <\/p>\n

Managing Director Mr Iggy Tan stated \u2018We are encouraged by the strong market interest in our current initiatives. In August 2024, we conducted an Entitlements Issue at $0.04 per share that provided our existing shareholders with a fair opportunity to participate previously. The current placement at $0.06 per share represents a 50% premium over the recent Entitlements Issue price and Altech does not intend to conduct another Entitlement Issue at the higher price. <\/p>\n

This capital raise comes at an exciting juncture for Altech as it advances the commercialisation of its 120MWh CERENERGY(R) battery project and nears commissioning of the Silumina Anodes(TM) pilot plant. A portion of the funds will also be allocated to a preliminary study for a larger 4 GWh battery facility, marking the next significant step towards commercialisation\u2019. <\/p>\n

To view the intended use of funds for the $4M raised, please visit:
https:\/\/abnnewswire.net\/lnk\/7B3ZY5B0 <\/p>\n

About Altech Batteries Ltd: \u00a0<\/p>\n

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS (\u2018Fraunhofer\u2019) to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns. <\/p>\n

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech\u2019s land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market. <\/p>\n

Source:
Altech Batteries Ltd <\/p>\n

Contact:
Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com <\/p>\n

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com <\/p>\n<\/p>\n<\/div>\n

News Provided by ABN Newswire via QuoteMedia<\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Perth, Australia (ABN Newswire) \u2013 Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) announces a capital raising of $4 million, comprising the issue of 66,666,667 fully paid ordinary shares in the capital of the Company at an issue price of $0.06 per Share. Highlights \u2013 Binding Commitments to raise $4 million \u2013 Placement oversubscribed \u2013 Issue price […]<\/p>\n","protected":false},"author":0,"featured_media":12270,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-12269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/12269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=12269"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/12269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/12270"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=12269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=12269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=12269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}