News and Announcements
Altech Chemicals (ASX: ATC) Transfers EPC to German Contractor SMS Group GmbH
- Published July 13, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Altech Chemicals Ltd (ASX:ATC) has recently received strong support from a German engineering firm SMS group GmbH, which has been issued shares worth US$100,000 as an initial share subscription.
KEY TAKEAWAYS:
- The share subscription agreement was part of SMS’ appointment in May 2017.
- This initial share subscription by SMS is a sound endorsement of Altech’s HPA plant, given SMS’s prior experience with the kaolin-HPA hydrogen chloride processing technique.
- The share subscription, Altech issued 1,162,979 fully paid ordinary shares to SMS at $0.11 per share.
Iggy Tan, managing director, commented: “It is not common for an EPC contractor to be demonstrating this type of upfront support.
“In addition, SMS’s commitment for additional equity or subordinated debt support at project financial close is also an outstanding indication of its support and confidence of this project.”
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