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Altech Chemicals Ltd (ATC.AX) Share Purchase Plan Raises $2.2 Million

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Altech Chemicals Ltd
Altech Chemicals Ltd

Altech Chemicals Ltd (ATC.AX) Share Purchase Plan Raises $2.2 Million

Perth, Australia, Dec 20, 2021 - (ABN Newswire) - Altech Chemicals Limited (ASX:ATC) (HAM:A3Y) is pleased to announce that it received applications from existing shareholders for $2.2 million of new shares, at an offer price of $0.107 per share, under its Share Purchase Plan (SPP), which closed on Friday 17 December 2021.

The response to the SPP from shareholders is extremely positive. The Company is pleased to advise that all applications will be accepted in full and that the new shares are expected to be allotted on Thursday 23 December 2021.

Altech managing director Iggy Tan stated "The Company is extremely pleased with the number of applications for new shares that it received from shareholders under the SPP. In excess of 250 shareholders participated, which is an excellent outcome, especially considering the timing of the SPP just prior to the Christmas and New Year period. The funds raised from the SPP is in addition to the $8.1 million share placement announced on 2 December 2021. Altech is well funded to advance its battery materials development. On behalf of the Board of Directors, I would like to express gratitude to shareholders for their support of the SPP".

Proceeds from the SPP, together with the funds raised from the recent placement, will be applied to funding the construction of a battery materials coating plant in Germany by the Company's 75% owned subsidiary Altech Industries Germany GmbH; purchase of land at the Schwarze Pumpe Industrial Park in Saxony, Germany; completion of the preliminary feasibility study in relation to the construction of a 10,000tpa battery materials plant; a definitive feasibility study for construction of a battery materials plant; and for working capital purposes.


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

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