Altech Batteries Ltd Stock Market Press Releases and Company Profile
Altech Share Purchase Plan Closed with Strong Support
Altech Share Purchase Plan Closed with Strong Support

Perth, April 12, 2016 AEST (ABN Newswire) - Altech Chemicals Limited (googlechartASX: ATC) advises that its Share Purchase Plan (SPP) has now closed.

Highlights:

- $0.744 million raised via Share Purchase Plan

- 8.6 million new shares issued at 8.6 cents per share

- Discussions with various potential investors ongoing

The Company is delighted with the support for the SPP. A total of $744,000 was raised from the 250 shareholders that participated.

Total funds raised by the Company from the SPP and the recently announced share placement totals ~$2.0 million.

The funds will be applied to finalising the detailed design of Altech's proposed high purity alumina (HPA) plant in Malaysia, finalising debt funding for the project, and for general working capital purposes.

Altech managing director, Mr Iggy Tan said, "the Company is most appreciative of the strong support shown by our shareholders for the SPP, which follows on from the support of predominantly new shareholders for the recently completed share placement."

The Company is in ongoing discussions with various other potential investors that were unable to meet the timeline to participate in the recent share placement, but remain interested to make an investment in Altech", Iggy concluded.


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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