AnteoTech's successful completion of Share Purchase Plan

AnteoTech Ltd (ASX: $ADO) has successfully completed its Share Purchase Plan (SPP), raising a total of approximately $1.4 million from eligible shareholders. The SPP, which was announced on 8 April 2024, allowed eligible shareholders to subscribe for up to $50,000 worth of new ordinary shares in the Company at 2.5 cents per share, with the same issue price per share in the Placement. The SPP also included free attaching New Options for every two SPP shares issued, exercisable at 3.5 cents each for two years from the date of issue.

Executive Commentary on Share Purchase Plan

David Radford, Managing Director & Chief Executive Officer, expressed his satisfaction with the completion of the capital raising, stating, 'We are very pleased to have completed our capital raising with a total of $6.8 million from the Placement and SPP. I would like to thank all participating shareholders for their support of the SPP. With such support, we have elected to accept oversubscriptions with the SPP raising approximately $1.4 million. The additional capital from the SPP will be utilized to increase our European activities and provide increased support for our growing base of potential customers in this highly attractive market. This capital raising provides us with a stronger foundation to accelerate our clean energy market activities and associated scale up infrastructure, with ten priority customer opportunities being pursued with partners for Anteo XTM and the ultra-high silicon anode.'

Summary of Share Purchase Plan Results

AnteoTech Ltd (ASX: $ADO) has successfully raised approximately $1.4 million through its Share Purchase Plan, exceeding the initial target of $1 million. The additional capital will be utilized to increase the company's European activities and provide increased support for its growing base of potential customers in the clean energy market. The SPP Shares, along with the free attaching New Options, will be issued and allotted on 15 May 2024, with quotation on ASX commencing from 16 May 2024. The company's Notice of General Meeting to be held on 28 May 2024 will address the issue of New Options under the Placement and SPP, with the timeline contemplating the issue of New Options on 31 May 2024. AnteoTech's ambitions and goals include accelerating its clean energy market activities and associated scale up infrastructure, with a focus on pursuing priority customer opportunities for Anteo XTM and the ultra-high silicon anode.