Altech Chemicals Ltd (ASX:ATC) has provided an update on its current capital raising.
Altech is currently in a trading halt, and said that DJ Carmichael Pty Ltd is co-ordinating a placement to a variety of professional and sophisticated investors.
Additional details are expected in the pre-open on Wednesday 23 March 2016.
Altech added that it intends to offer a Share Purchase Plan where shareholders can subscribe to a maximum of $15,000 of new shares, at the same price as the placement.
Funds raised will be applied to finalising the detailed design of the company’s proposed High Purity Alumina (HPA) plant at Johor, Malaysia, for the completion of debt financing for the project and for general working capital purposes.
HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of artificial sapphire.
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