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Altech Chemicals utilises Acuity Capital Controlled Placement Agreement for $300,000

The company aims to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (Al2O3) through construction and operation of an HPA processing plant at Johor, Malaysia.

Altech Chemicals Ltd - Altech Chemicals raises $300,000 under CPA with Acuity Capital
More than 6.66 million shares have been issued at 4.5 cents per share

Altech Chemicals Ltd (ASX:ATC) has secured $300,000 under its first utilisation of the Controlled Placement Agreement (CPA) established with Acuity Capital.

This agreement includes the issue of 6.66 million shares to Acuity at a price of 4.5 cents per share, which is slightly above the closing price of the company’s shares traded on the ASX on May 1 and a 13% discount to the 15-day VWAP of 5.1 cents per share.

Funds raised will be applied to corporate costs, including the company’s ongoing European initiatives.

Additionally, Altech has issued 264,914 shares under its ASX Listing Rule 7.1 placement capacity to a consulting group for various services rendered.

Subscription agreement

The company recently executed a share purchase subscription agreement with a specialist US institutional investor which will provide up to $2.98 million.

This agreement will see Specialty Metals Investments LLC (SMI) subscribe for up to $2 million in Altech shares and also provides for an additional investment of up to $981,000, subject to shareholder approval

Funds will primarily be used for Altech’s ongoing corporate activities, which are intended to position the company’s high purity alumina (HPA) project for more stable financial markets and anticipated economic stimulus measures post the COVID-19 situation.

Quick facts: Altech Chemicals Ltd

Price: 0.046 AUD

ASX:ATC
Market: ASX
Market Cap: $40.24 m
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