Altech Batteries Ltd (ALTHF) Entitlement Offer and Share Placement

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) announces a total capital raising of up to approximately $8.9 million, comprising the issue of up to 223,946,491 fully paid ordinary shares in the capital of the Company (Shares) at an issue price of $0.04 per Share ("Capital Raising"). Participants in the placement and Entitlement Offer will also receive free attaching options on the basis of one (1) option for every two (2) shares held, with each option having an exercise price of $0.06 and expiry date of 31 December 2025.

Highlights

- Launch of $8.5 million pro-rata Entitlement Offer to existing eligible shareholders

- Entitlement Offer partially underwritten for $5 million by existing shareholder MAA Group Berhad, an entity related to Altech director Tunku Yaacob Khyra

- Altech additionally raises $405,000 through a placement to sophisticated and professional investors

- Participants in placement and Entitlement Offer to receive free attaching options on the basis of 1 option for every 2 shares held with exercise price of $0.06 and expiry 31 December 2025

- Application will be made to ASX for listing of shares and options

- Funds will be used to further progress the CERENERGY(R) and Silumina AnodesTM Projects

Managing Director Mr Iggy Tan stated "We are pleased with the outcome of the capital raise, and to have Altech director and Malaysian Prince Tunku Yaacob Khyra's related entity, major shareholder MAA Group Berhard, partially underwrite the Entitlement Offer for $5.0 million, is very pleasing. The capital raising has come at an exciting time for Altech, as we progress with the commercialisation of the 120MWh CERENERGY(R) battery project, as well as commissioning of our Silumina AnodesTM pilot plant".

*To view the timetable, please visit:
https://abnnewswire.net/lnk/756P734E

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

News Provided by ABN Newswire