Altech Batteries

Altech – Entitlement Offer & Share Placement to Advance Battery Projects

Altech Batteries Limited (Altech/Company) (ASX: ATC) (FRA: A3Y) announces a total capital raising of up to approximately $8.9 million, comprising the issue of up to 223,946,491 fully paid ordinary shares in the capital of the Company (Shares) at an issue price of $0.04 per Share (“Capital Raising”). Participants in the placement and Entitlement Offer will also receive free attaching options on the basis of one (1) option for every two (2) shares held, with each option having an exercise price of $0.06 and expiry date of 31 December 2025.


Highlights

  • Launch of $8.5 million pro-rata Entitlement Offer to existing eligible shareholders
  • Entitlement Offer partially underwritten for $5 million by existing shareholder MAA Group Berhad, an entity related to Altech director Tunku Yaacob Khyra
  • Altech additionally raises $405,000 through a placement to sophisticated and professional investors
  • Participants in placement and Entitlement Offer to receive free attaching options on the basis of 1 option for every 2 shares held with exercise price of $0.06 and expiry 31 December 2025
  • Application will be made to ASX for listing of shares and options
  • Funds will be used to further progress the CERENERGY® and Silumina AnodesTM Projects
Managing Director Mr Iggy Tan stated“We are pleased with the outcome of the capital raise, and to have Altech director and Malaysian Prince Tunku Yaacob Khyra’s related entity, major shareholder MAA Group Berhard, partially underwrite the Entitlement Offer for $5.0 million, is very pleasing. The capital raising has come at an exciting time for Altech, as we progress with the commercialisation of the 120MWh CERENERGY® battery project, as well as commissioning of our Silumina AnodesTM pilot plant”.

Capital Raising

The Capital Raising comprises:

  • a single tranche placement of 10,125,000 Shares to sophisticated and professional investors at an issue price of $0.04 per Share to raise $405,000 (“Placement”). Participants in the Placement will also receive free attaching options on the basis of one (1) option for every two (2) shares held, with each option having an exercise price of $0.06 and expiry date of 31 December 2025; and
  • a proposed partially underwritten non-renounceable Entitlement Offer of 1 Share for every 8 Shares held by Eligible Shareholders (defined below) at the same issue price as the Placement of $0.04, to raise up to approximately $8.5 million (“Entitlement Offer”). Participants in the entitlement offer will also receive free attaching options on the basis of one (1) option for every two (2) shares held, with each option having an exercise price of $0.06 and expiry date of 31 December 2025.

It is proposed that the Shares under the Placement will be issued on 14 August 2024 and will be issued out of the Company’s available capacity under Listing Rules 7.1. The Options under the Placement will need to be applied for pursuant to the Entitlement Offer Prospectus.

Full details of the Entitlement Offer (including the record date and eligibility requirements) will be set out in the Prospectus expected to be lodged with ASIC in accordance with the timetable set out below.

Underwriting

Altech Director Tunku Yaacob Khyra’s related entity, MAA Group Berhad, has agreed to partially underwrite the Entitlement Offer for $5,000,000 (125,000,000 Shares which includes MAA Group Berhad taking up its entitlement under the Entitlement Offer), being a total of 58% of the maximum amount to be raised under the Entitlement Offer.

Under the terms of the underwriting agreement with MAA Group Berhad, the Company will pay MAA Group Berhad a fee of 6% of the amount underwritten.

Eligible Shareholders and Applying for Shares under the Entitlement Offer

The Entitlement Offer is open to all eligible shareholders who have a registered address within Australia, New Zealand, Germany, Malaysia, Switzerland and Singapore and who hold shares on Tuesday, 13 August 2024 (Eligible Shareholders), and will close on Tuesday, 27 August 2024 (unless otherwise extended by the Board).

All Shares issued will rank equally with existing Shares on issue and the Company will apply for quotation of the new Shares and Options issued pursuant to the Entitlement Offer. A personalised Entitlement and Acceptance Form will be sent to eligible shareholders shortly after the record date of Tuesday, 13 August 2024.

Shortfall

The Entitlement Offer includes a shortfall facility under which Eligible Shareholders that have taken up their full entitlement under the Entitlement Offer can apply to take up additional Shares (“Shortfall Shares”) in excess of their pro rata entitlement (“Shortfall Entitlement Offer”). The Shortfall Entitlement Offer may also be offered to third parties introduced by the Company. The Shortfall Entitlement Offer is a separate offer made pursuant to the Prospectus and will remain open for up to three (3) months following the Closing Date (as outlined below). The securities issued under the Shortfall Entitlement Offer will have the same terms as those issued under the Entitlement Offer.

All decisions regarding the allocation of Shortfall Shares will be at the sole-discretion of the directors in and will be final and binding on all applications under the Shortfall Entitlement Offer. As such, there is no guarantee that any Shortfall Shares will be issued to applicants.


Click here for the full ASX Release

This article includes content from Altech Batteries, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Altech Batteries

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Revolutionary sodium-chloride solid state batteries for renewable energy storage and silicon in graphite anodes for higher energy density batteries.

Altech Batteries Ltd  CERENERGY at Hannover International Industrial Fair

Altech Batteries Ltd CERENERGY at Hannover International Industrial Fair

Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to announce that the Company showcased it's CERENERGY(R) Battery technology at the prestigious Hannover Messe 2025, the world's leading industrial trade fair. The event, which annually attracts over 200,000 visitors and 6,500 exhibitors from across the globe, provided Altech with a prime platform to introduce CERENERGY(R) to key stakeholders in the energy storage sector.

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Throughout the event, Altech held numerous high-level meetings with representatives from energy companies, industrial manufacturers, and strategic investors looking to tap into the rapidly growing energy storage market. The response has been overwhelmingly positive, reflecting strong global demand for advanced battery technologies that can deliver high performance while reducing reliance on critical raw materials such as lithium and cobalt.

The Hannover Messe exhibition comes at a time when Germany is ramping up its defense and clean energy investments, driven in part by growing geopolitical uncertainties and the ongoing EU:US trade war. With energy security becoming a top priority, Altech's CERENERGY(R) technology aligns perfectly with Europe's strategic push towards energy independence and industrial resilience.

Group Managing Director Iggy Tan said "We are delighted by the level of interest in our CERENERGY(R) battery technology at Hannover Messe. The feedback we've received from potential partners and industry players has been extremely encouraging. As countries and industries accelerate their transition towards renewable energy, we see CERENERGY(R) as a game-changer in providing cost-effective, safe, and sustainable battery solutions."

*To view photographs, please visit:
https://abnnewswire.net/lnk/8J6TA5ZV



About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

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Altech Batteries Ltd Agreement to Secure EUR2.5M in Funding

Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to advise that it is in the process of selling its land in Johor to help fund the ongoing development of the CERENERGY(R) battery project and the Silumina Anodes(TM) battery materials project, as well as to support general working capital requirements.

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- Funding to be provided as Bearer Bonds with interest payable at 7.0% per annum

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- Repayment of the Bearer Bonds anticipated to be from sale of Altech's Malaysian land

- Shareholder meeting to approve facility anticipated for late April 2025

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This funding will allow Altech to progress with its projects without the dilutionary impact to shareholders of a capital raise via a share issue. The repayment of the Bearer Bonds is secured by Altech's Malaysian land and requires Altech shareholder approval, and a General Meeting is anticipated to be convened in late April 2025.

Key terms of the Subscription Agreement are as follows:

- Total Bearer Bond facility of up to EUR2.5M to be drawdown in EUR500K amounts with interest payable at 7.0% per annum.

- Altech shareholders approving the grant of security to Deutsche Balaton AG over its Malaysian land in accordance with any requirement of the ASX, or the ASX granting a waiver from any requirement of the listing rules to obtain shareholder approval.

- a Security and Security Trust Agreement has been entered into under which Altech's 100% owned subsidiary Altech Chemicals Sdn Bhd has pledged security over its Malaysian land as well as a guarantee of repayment of the Bearer Bonds.

- Repayment of Bearer Bonds by maturity date of 31 October 2026.

- Default clauses applicable standard for Subscription Deeds of this nature.

Altech has placed its Malaysian land in Johor on the market for sale. Proceeds from the sale of the land are expected to provide sufficient funds to enable the Bearer Bonds to be repaid in full.



About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

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