Altech Batteries Entitlement Issue Update

Altech Batteries Limited (ASX:ATC) closed its Entitlement Issue on 10 September 2024, receiving proceeds of $6,473,205. The issue resulted in the allotment of 161,830,134 shares at $0.04 per share and 80,915,359 free-attaching options with an exercise price of $0.06 per share, expiring on 31 December 2025. The shares and options are scheduled to be issued and allotted on 17 September 2024, with the application for their quotation on the ASX also set for the same date.

Altech Batteries CEO and MD lggy Tan's Statement

On behalf of the Board of Directors, I wish to thank all eligible shareholders that participated in the Entitlement Issue and for the support extended to Altech as it moves forward with both its CERENERGY® battery project as well as Silumina Anodes™ battery materials project. With the positive Definitive Feasibility Study and excellent economics for the 120MWh CERENERGY® battery project having been released in March 2024, Altech is extremely focused on securing offtake as well as finance to commence plant construction.

Altech Batteries Entitlement Issue Summary

Altech Batteries Limited (ASX:ATC) successfully closed its Entitlement Issue, raising $6,473,205. The company expressed gratitude to eligible shareholders and the underwriter for their support. The funds will aid Altech in advancing its CERENERGY® battery project and Silumina Anodes™ battery materials project. With a positive Definitive Feasibility Study and strong economics for the 120MWh CERENERGY® battery project, the company is focused on securing offtake and finance for plant construction. Additionally, the company's subsidiary, Altech Industries Germany GmbH, has finalized a Definitive Feasibility Study for the commercialization of an 8,000tpa silicon alumina coating plant to supply its Silumina Anodes product to the European electric vehicle market. The project has also received green accreditation from the independent Norwegian Centre of International Climate and Environmental Research (CICERO), indicating a positive outlook for the company's endeavors.