Altech Batteries Ltd Stock Market Press Releases and Company Profile
$14.5 million Underwritten Entitlement Offer
$14.5 million Underwritten Entitlement Offer

Perth, Nov 11, 2020 AEST (ABN Newswire) - Altech Chemicals Limited (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to announce the launch of a $14.5 million partially underwritten non-renounceable pro-rata entitlement offer on the basis of two (2) new shares at $0.04 each for every five (5) shares held by Altech shareholders at the Record Date, plus one free attaching option for each two (2) new shares subscribed and issued (exercise price $0.08, expiry 31 May 2022) to raise up to $14.5 million before costs (Offer). ASX quotation will be sought for the options.

The Offer is open to all eligible Altech shareholders that have a registered address in Australia, New Zealand, Hong Kong, Malaysia, Singapore and Germany. The Offer will close on 7 December 2020 (unless extended in accordance with the ASX Listing Rules). Also, shareholders will be able to make application for new shares (and the attaching option) in addition to their pro-rata 2 for 5 entitlement, via a shortfall offer.

The Company's major shareholders have agreed to subscriptions for approximately 52% of the Offer ($7.6 million), via a combination of agreeing to take up their respective pro-rata entitlements to shares under the Offer, and/or underwriting any shortfall as summarised in the Table 1 in link below.

To view the timetable, please visit:
https://abnnewswire.net/lnk/18SE685G


About Altech Batteries Ltd

Altech Chemical Ltd ASX:ATCAltech 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 ("Fraunhofer") 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. 

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

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Contact

Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com



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