Altech raises cash, investigates silicon options
PERTH (miningweekly.com) – ASX-listed Altech Chemicals on Tuesday announced plans for a A$14.5-million capital raise, along with a collaboration agreement with a silicon producer to develop a high capacity, long cycle life silicon anode active material for lithium-ion batteries.
The company has launched a fully underwritten non-renounceable pro-rata entitlement offer on the basis of two new shares for every five shares held, priced at 4c each, along with one free attaching option for each two shares subscribed for.
The options would have an expiry date of May 2022, and an exercise price of 8c each.
Altech’s major shareholders have agreed to subscribe for some 52% of the offer, to raise a combined A$7.6-million.
The company told shareholders that proceeds from the placement, which will close on December 7, will be used for various European initiatives, including a listed Green Bond, payments for Stage 2 early works construction, development activities associated with an anode-grade high purity alumina (HPA) product and coating know-how, and for corporate and working capital.
Meanwhile, the company on Tuesday also announced that it had inked a collaboration agreement with a silicon producer to collaborate in developing a high capacity, long cycle life silicon anode active material for the lithium-ion battery industry.
Under the collaboration agreement, both companies will analyse the possibility of using Altech’s HPA and technology to coat specifically designed silicon particles supplied by the silicon company, with Altech to supply the coating technology and sole fund the test work.
Altech is developing anode grade HPA and coating technology for the purpose of applying the coating to graphite particles that are typical of those currently used in the anode of the lithium-ion battery.
The company said on Tuesday that both partners were of the belief that the same technology could be applied to lithium-ion battery silicon powders.
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