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Altech Chemicals initiates SPP following $1.8 million share placement completion

The balance of the placement was supported by a range of professional and sophisticated investors, many of whom are long-term holders of Altech shares.

Altech Chemicals Ltd - Altech Chemicals initiates SPP following $1.8 million share placement completion
The placement was anchored by the company’s major shareholder Deutsche Balaton AG

Altech Chemicals Ltd (ASX:ATC) has completed a $1.8 million share placement and initiation of a share purchase plan (SPP) whereby shareholders can apply for up to 30,000 new Altech shares.

Shareholders will be able to apply for the new shares at the same price as the placement (9.75 cents per share) representing a 15% discount to the price of the company’s shares traded on the ASX at the close of trade on Monday December 2 and the 5-day VWAP.

Funds from the placement will be spent towards the company’s project funding strategy, payment for stage-2 engineering and construction activities at the high purity alumina (HPA) plant in Malaysia and for administration and working capital costs.

Share Purchase plan

The SPP will be open to existing Altech shareholders with a registered address in Australia or New Zealand, who were recorded on the company’s share register at December 4.

Participation in the SPP is optional, however, any shares purchased via the SPP will not incur any brokerage or other transaction costs.

Based on the positive response from the last SPP, the company offered up to an additional $4.0 million could be raised from this SPP.

Funds raised from the SPP will also be applied to the project funding strategy, payments for stage-2 engineering and construction activities as well as for administration and working capital purposes.

All new shares issued under the SPP will rank equally with existing ordinary shares of the company.

Quick facts: Altech Chemicals Ltd

Price: 0.078 AUD

ASX:ATC
Market: ASX
Market Cap: $63.13 m
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