Australia markets open in 9 hours 7 minutes
  • ALL ORDS

    7,299.10
    +43.30 (+0.60%)
     
  • AUD/USD

    0.7795
    +0.0023 (+0.30%)
     
  • ASX 200

    7,066.00
    +42.40 (+0.60%)
     
  • OIL

    65.79
    -0.48 (-0.72%)
     
  • GOLD

    1,866.10
    -1.50 (-0.08%)
     
  • BTC-AUD

    55,056.30
    -2,263.57 (-3.95%)
     
  • CMC Crypto 200

    1,193.77
    -59.38 (-4.74%)
     

Altech Chemicals Ltd (ATC.AX) Termination of Controlled Placement Agreement

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3-min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Altech Chemicals Ltd
Altech Chemicals Ltd

Altech Chemicals Ltd (ATC.AX) Termination of Controlled Placement Agreement

Perth, Australia, April 21, 2021 - (ABN Newswire) - Altech Chemicals Limited (ASX:ATC) (HAM:A3Y) 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 Chemicals Ltd:


Altech Chemicals Limited (ASX:ATC) (FRA:A3Y) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (Al2O3) through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia. Feedstock for the plant will be sourced from the Company's 100%-owned kaolin deposit at Meckering, Western Australia and shipped to Malaysia.

HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components. Increasingly HPA is used by lithium-ion battery manufacturers as the coating on the battery's separator, which improves performance, longevity and safety of the battery. With global HPA demand approximately 19,000t (2018), it is estimated that this demand will grow at a compound annual growth rate (CAGR) of 30% (2018-2028); by 2028 HPA market demand will be approximately 272,000t, driven by the increasing adoption of LEDs worldwide as well as the demand for HPA by lithium-ion battery manufacturers to serve the surging electric vehicle market.

Contact:

Corporate
Iggy Tan
Managing Director
Altech Chemicals Limited
Tel: +61-8-6168-1555
Email: info@altechchemicals.com

Shane Volk
Company Secretary
Altech Chemicals Limited
Tel: +61-8-6168-1555
Email: info@altechchemicals.com

Investor Relations (Europe)
Kai Hoffmann
Soar Financial Partners
Tel: +49-69-175-548320
Email: hoffmann@soarfinancial.com

Source:
Altech Chemicals Ltd

Copyright (C) 2021 ABN Newswire. All rights reserved.