News and Announcements
Altech Share Placement and Share Purchase Plan
- Published March 24, 2016 1:28PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
24th March 2016, ASX Announcement
Highlights:
- $1.2 million raised via a share placement to professional and sophisticated investors
- Existing Shareholders invited to participate via a Share Purchase Plan
Altech Chemicals Limited (Altech/the Company) (ASX: ATC) is pleased to advise it has raised $1.2 million via a placement of shares to a variety of professional and sophisticated investors at 8.6 cents per share (the Placement). The issue price represents a ~14% discount to volume weighted average price (VWAP) for Altech shares as traded on the Australian Securities Exchange (ASX) for the last 5 trading days to 18 March 2016 and a ~20% discount to the 10 day VWAP.
Funds raised from the Placement will be applied to finalising the detailed design of the Company’s proposed high purity alumina (HPA) plant at Johor, Malaysia, for the completion of debt financing and for general working capital purposes.
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