Altech Batteries has raised $4 million through a capital placement to accelerate key battery projects, including project financing, environmental permitting, and the commissioning of its Silumina Anodes pilot plant.
The placement involves the issuance of 66,666,667 fully paid ordinary shares at $0.06 per share—a 50 per cent premium over the recent Entitlement Offer price from August 2024.
Alongside the shares, participants will receive one free listed option (ASX: ATCOC) for every share purchased, with an exercise price of $0.06, expiring on 31 December 2025.
Managing Director Iggy Tan highlighted the significance of this premium pricing, stating, “The current placement at $0.06 per share represents a 50% premium over the recent Entitlements Issue price, and Altech does not intend to conduct another Entitlement Issue at this higher price.”
Evolution Capital managed the placement, receiving a 6 per cent fee on all funds raised as well as 8,000,000 ATCOC options as part of the agreement.
“We are encouraged by the strong market interest in our current initiatives,” said Tan. “This capital raise comes at an exciting juncture for Altech as it advances the commercialisation of its 120MWh CERENERGY® battery project and nears commissioning of the Silumina Anodes™ pilot plant.”
The funds will also support the completion of Altech’s second 60kWh CERENERGY battery prototype, along with preliminary assessments for a proposed 4 GWh gigafactory.
“A portion of the funds will also be allocated to a preliminary study for a larger 4 GWh battery facility, marking the next significant step towards commercialisatio,” Tan added.
The new shares and options from this placement are expected to be issued on 22 November 2024, drawing from Altech’s existing placement capacity under ASX Listing Rules.
