Altech Batteries Ltd Stock Market Press Releases and Company Profile
Termination of Controlled Placement Agreement
Termination of Controlled Placement Agreement

Perth, April 21, 2021 AEST (ABN Newswire) - Altech Chemicals Limited (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to announce that it has now completed a final utilisation of its Controlled Placement Agreement (CPA) with Acuity Capital (Acuity) and has by mutual agreement with Acuity terminated the CPA, effective immediately.

Altech will receive $2.25 million from the offset of all remaining collateral shares (39,266,667) that Acuity was otherwise required to return to the Company upon maturity or early termination of the CPA. The collateral shares were originally issued to Acuity in February 2020, when the CPA was established. The Company also confirms that it and Acuity have been release from any and all obligations under the CPA.

On termination of the CPA Altech managing director Iggy Tan said "the Acuity CPA has served the Company extremely well and provided an innovative, flexible and manageable suplimentary funding mechanism over that last 14-months - a period of extremely challenging equity markets. Acuity have been easy to work with and appreciative of the Company's equity requirements and its capital management strategy. The close-out of this facility follows the Company's successful raising of $14.5 million via a Rights Offer that completed in December 2020/January 2021."


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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