{"id":10193,"date":"2024-11-15T15:02:51","date_gmt":"2024-11-15T15:02:51","guid":{"rendered":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/11\/15\/altech-4m-placement-to-advance-battery-projects\/"},"modified":"2024-11-15T15:02:51","modified_gmt":"2024-11-15T15:02:51","slug":"altech-4m-placement-to-advance-battery-projects","status":"publish","type":"post","link":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/11\/15\/altech-4m-placement-to-advance-battery-projects\/","title":{"rendered":"Altech \u2013 $4M Placement to Advance Battery Projects"},"content":{"rendered":"<\/p>\n<p><strong>Altech Batteries Limited<\/strong> (Altech\/Company) (ASX: ATC) (FRA: A3Y) 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. 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<p><strong>Highlights<\/strong><\/p>\n<ul class=\"ee-ul\">\n<li>Binding Commitments to raise $4 million<\/li>\n<li>Placement oversubscribed<\/li>\n<li>Issue price of $0.06 per share, a 50% premium to recent Entitlements Issue on 7 August 2024<\/li>\n<li>Funds will be used to further progress the CERENERGY\u00ae and Silumina Anodes<sup>TM<\/sup> Projects <\/li>\n<\/ul>\n<div><\/div>\n<p>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<\/p>\n<p>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<p>The funds raised under the Placement will be used for:<\/p>\n<ul class=\"ee-ul\">\n<li>Securing project finance and bank due diligence process<\/li>\n<li>Securing offtake for CERENERGY\u00ae project<\/li>\n<li>CERENERGY\u00ae environmental and project permitting<\/li>\n<li>Completion of fabrication of second 60kWh battery prototype for CERENERGY\u00ae project<\/li>\n<li>Finalise commissioning of the Silumina Anodes<sup>TM<\/sup> pilot plant<\/li>\n<li>Preliminary assessment into a 4 GWh factory (Giga factory)<\/li>\n<li>Corporate costs and working capital.<\/li>\n<\/ul>\n<p><strong>Managing Director Mr Iggy Tan stated<\/strong><em>\u201cWe 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. <\/em><\/p>\n<p><em>This capital raise comes at an exciting juncture for Altech as it advances the commercialisation of its 120MWh CERENERGY\u00ae battery project and nears commissioning of the Silumina Anodes 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\u201d. <\/em><em><\/em><\/p>\n<p>The table below outlines the intended use of funds for the $4M raised via this placement. <\/p>\n<\/p>\n<p><strong>Click here for the full ASX Release<br \/><\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Altech Batteries Limited (Altech\/Company) (ASX: ATC) (FRA: A3Y) announces a capital raising of $4 million,&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-10193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/10193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/comments?post=10193"}],"version-history":[{"count":0,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/10193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media\/10194"}],"wp:attachment":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media?parent=10193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/categories?post=10193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/tags?post=10193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}