News and Announcements
Altech raises $1.3M for detailed design phase of HPA project
- Published August 11, 2015 4:05PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
10th August 2015, ASX Announcement
Highlights
- $1.3 million raised for detailed design phase
- $1.0 million placed with strategic Malaysian cornerstone investor (Melewar)
- Melewar is a diversified Malaysian industrial firm with steel, energy and eninerring interests
- Proceeds to use commence detailed design, corporate costs and working capital
Altech Chemicals Limited (Altech/ the Company) (ASX:ATC) is pleased to announce that it will raise a total of $1.130 million via share placement, for the commencement of detailed design work for the Company’s high purity alumina (HPA) project and for corporate and general working capital purposes. The Company will issue a total 19,144,068 full;y paid ordianry shares at $0.059 per share, representing a ~10% discount to the 5 day VWAP of the Company’s shares as traded on the ASX on the date on which the placement price was set.
The majority of the placement ($1.0 million) will be to Malaysian cornerstone investor Melewar IIC Limited (Melewar). Melewar is a diversified Malaysia industrial firm with steel, energy and engineering businesses, and as a result of the placement Melewar will become the second largest shareholder of the Company, holding approximately 12.9% shares on issue. The Company has invited Melewar to nominate a Malaysian based non-executive director to join the Altech Board, this will provide the Company with invaluable insight into the Malaysian business and operating environments as it progresses the development of its HPA plant.
To read the full announcement, please click here.
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