PERTH (miningweekly.com) – Alumina technology and production company Altech Chemicals will raise A$8.1-million in a share placement to help fund the construction of a battery materials coating plant in Germany.
Seventy-six million shares will be placed in a single tranche, priced at 10.7c a share, representing a 24% discount to the company’s last share price on the ASX.
Altech on Thursday told shareholders that the company would also initiate a share purchase plan (SPP), at the same price, allowing shareholders to subscribe for up to A$30 000 worth of new shares in the company.
The company is hoping to raise as much as A$4-million with the SPP, which will close on December 17.
Funds raised will go towards Altech’s 75% portion of funding the construction of a battery materials coating pilot plant in Germany, as well as the purchase of land at the Schwarze Pumpe industrial park, the completion of the preliminary feasibility study of a 10 000 t/y battery materials plant, a definitive feasibility study for the same project, and for working capital purposes.