News and Announcements
Altech Raises $1.85 Million via Share Purchase Plan and Placement
- Published June 12, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Altech Chemicals Limited (ASX: ATC) is pleased to announce that is has raised $1.85 million via the Share Purchase Plan (SPP), which closed on Wednesday June 7, 2017, and a concurrent placement of shares to various professional and sophisticated investors.
KEY TAKEAWAYS:
- $1.85 million raised via SPP and share placement.
- Issue price of $0.11 per share.
- In excess of 250 shareholders participated.
The issue of the SPP shares and placement shares is 11 cents per share. This is a 5% discount to the volume weighted average price of the Company’s shares as traded on the ASX during the 5 days up to and including June 7 2017, rounded down to the nearest half cent.
Altech managing director, Mr Iggy Tan said, “the Company is extremely pleased with the support shown from its existing shareholder base via participation in the SPP. In excess of 250 shareholders participated in the SPP, with a large number electing to apply for the maximum application amount of $15,000.
Concurrent with the SPP, the Company is delighted to welcome a small number of new European based shareholders that have been recently introduced to the Company and were placed shares at the SPP price.”
Altech Chemicals Limited (Altech/the Company) is aiming to become one of the world’s leading suppliers of 99.99% high purity alumina (HPA).
HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components.
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