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International Graphite Funding Deal with Comet Resources a Win-Win, Report Says
March 17, 2024
International Graphite’s (ASX:IG6) $1.5-million funding deal with major shareholder Comet Resources (ASX:CRL) resulted in a surge in IG6’s shares on March 13. The loan agreement was undertaken to address market speculation on the security of Comet’s shares in IG6, according to a news report from The West Australian.
“Management says the strategic funding transaction will prevent the potential sell down of any of the 40 million International Graphite shares owned by Comet – which delisted from the ASX in January – when they are released from escrow next month,” the report said.
The funding deal included giving International Graphite a majority seat on the Comet board, as IG6 management has called the deal a win-win for shareholders.
Click here to connect with International Graphite (ASX:IG6) for an Investor Presentation.
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24 April
Share Purchase Plan Offer Booklet
On 24 April 2024, International Graphite Limited (ACN 624 579 326) (IG6 or the Company) announced that it has received firm commitments for a placement of 24,000,000 fully paid ordinary shares in the Company (Shares) at an issue price of $0.125 per Share to sophisticated, institutional and professional investors, successfully raising $3,000,000 (Placement).
The Shares to be issued under the Placement will be issued on 29 April 2024 utilising the Company’s placement capacities pursuant to ASX Listing Rule 7.1.
Mr Phillip Hearse, IG6’s Non-Executive Chairman, has also agreed to participate in the Placement on the same terms as unrelated participants in the Placement up to the value of $200,000, subject to the approval of IG6 shareholders at a general meeting to be convened following the completion of the Offer (defined below).
In order to provide Eligible Shareholders (defined below) with the ability to participate in the Company’s capital raising activities, the Company is pleased to provide details of a Share Purchase Plan (Plan) as announced by the Company to the ASX on 24 April 2024.
Under the Plan, Eligible Shareholders will have the opportunity to purchase up to $30,000 worth of Shares at the same issue price as the Placement ($0.125 per Share), irrespective of the size of their shareholding in IG6, without incurring brokerage or transaction costs.
The offer under the Plan (Offer) is intending to raise a maximum of $1,000,000 on the terms and conditions contained in this document (Terms and Conditions). The Company may elect to accept oversubscriptions or alternatively close the Offer early and/or scale back applications at its absolute discretion.
Shareholders eligible to participate in the Plan
Participation under the Plan is optional and is available exclusively to shareholders of the Company who are registered as holders of Shares as at 5:00pm (WST) on 23 April 2024 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders).
Share Purchase Plan
The Plan entitles Eligible Shareholders, irrespective of the size of their shareholding in IG6, to purchase up to $30,000 worth of Shares at an issue price of $0.125 per Share (Price) being the same issue price as the Shares offered to sophisticated and professional investors under the Placement. The Price of $0.125 per Share under the Plan represents a discount of 15.08% to the volume weighted average market price of the Shares over the last 14 trading days on which sales in the Shares were recorded prior to the date the Plan was announced on 24 April 2024, being $0.1472.
Click here for the full ASX Release
This article includes content from International Graphite, 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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24 April
Successful $3.0M Placement and launch of Share Purchase Plan Offer
International Graphite Limited (ASX: IG6) (the Company or International Graphite) has received firm commitments for a placement of 24.0M new shares to sophisticated and professional investors at an issue price of $0.125 per new share successfully raising $3.0M (before costs) (Placement).
Highlights
- International Graphite receives binding commitments for a Placement to raise $3.0M from new and existing sophisticated and professional investors.
- Launch of a Share Purchase Plan (SPP) offer to eligible shareholders to raise up to a further $1.0M on the same terms as the share Placement.
- The financings follow the Western Australian Government’s grant of $6.5M announced on 20 April 2024.
- Proceeds from the Placement and SPP will be applied to the advancement of feasibility study activities at the Springdale Graphite Project, battery anode testwork feasibility studies and working capital.
In conjunction with the Placement, the Company has launched a share purchase plan offer (SPP Offer) giving eligible shareholders the opportunity to apply for up to $30,000 each in shares, to raise a further total of $1.0M (before costs).
The Placement and, if fully subscribed, the SPP Offer, will raise a total of $4.0M before costs. The shares offered pursuant to the SPP Offer will be issued at the same price as issued under the Placement, being $0.125 per share (Offer Price). The Offer Price of $0.125 per share under the SPP Offer represents a discount of 15.08% to the volume weighted average market price of the Company’s shares over the last 14 trading days on which sales in the shares were recorded prior to the date of this announcement being $0.1472.
The funds raised under the Placement and the SPP Offer will be applied to the advancement of feasibility study activities at the Springdale Graphite Project, battery anode testwork feasibility studies and working capital.
International Graphite Managing Director and CEO Andrew Worland said, “I would like to welcome and thank new shareholders to the Company and thank those existing shareholders who have participated in the Placement. I acknowledge the continued support of our founder and Chairman Phil Hearse for his commitment to the Placement. We have sought to keep this Placement tight with quality holders. The terms of the Placement in our opinion represent excellent value and I encourage shareholders to participate in the SPP.
“This is our first equity market financing since our IPO in April 2022. We have made significant progress to date on our Springdale-Collie mine to market strategy, we have tidied up the capital structure and our work with the communities of Ravensthorpe Shire and Collie are yielding tangible benefits. In addition, we have had excellent support from the Western Australian and Federal Governments.
“We will keep pushing forward and seek to wrap up a feasibility study for the Springdale Graphite Project by year’s end. This will represent a milestone that we expect will initiate additional opportunities for our company.
“The build out of our Collie Micronising Facility is set to commence later this year paving the way for our first production facility in 2025, with associated revenue earnings.
“Governments and graphite consumers are responding to the challenge of diversifying their supply chains and focussing on the highest quality jurisdictions, such as Western Australia, as their source of critical minerals.
We expect to be at the forefront of the graphite industry development in Australia.”
ASX ANNOUNCEMENT 22/4/24: IG6 is awarded a further $6.5M from the Western Australian Government this week bringing total Australian Government funding to $13.2M
PLACEMENT
The Placement shares will be issued pursuant to ASX Listing Rule 7.1 with the exception of 1,600,000 shares subscribed for by entities associated with the Company’s Non-Executive Chairman Phillip Hearse. Placement shares to be issued to unrelated parties (22,400,000) are expected to be issued on or around 2nd May 2024.
Placement shares to be allotted to entities associated with Mr. Hearse require shareholder approval which the Company will seek immediately. If approved by shareholders, these shares will be in addition to those issued to unrelated participants pursuant to ASX Listing Rule 7.1.
Peloton Capital and Pamplona Capital acted as joint lead managers to the placement.
SPP OFFER
The SPP Offer is targeting to issue a total of up to 8,000,000 fully paid ordinary shares ("SPP Offer Shares") at an issue price of $0.125 per share ("Offer Price") to raise up to $1.0M. All shares issued under the SPP Offer will rank equally with existing shares on issue in the Company.
Management and staff intend to participate in the SPP Offer.
The net funds raised from the SPP Offer will be used by the Company as outlined above. The Board is targeting to raise $1.0M under the SPP Offer. An SPP Offer booklet outlining the terms and conditions of the SPP Offer will be released to the market on or around 24 April 2024.
Click here for the full ASX Release
This article includes content from International Graphite, 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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22 April
International Graphite Limited (ASX: IG6) – Trading Halt
Description
The securities of International Graphite Limited (‘IG6’) will be placed in trading halt at the request of IG6, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 24 April 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from International Graphite, 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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21 April
WA Government Awards $6.5 Million to Australia’s First Downstream Graphite Plant
International Graphite Limited (ASX: IG6) is delighted to announce it has received an additional $6.5 million grant from the Western Australian Government to establish Australia’s first downstream graphite processing plant. The award builds on two years of establishment work and brings the Company’s total funding from the State’s Collie Just Transition Program to $8.5 million.
Highlights
- The Western Australian Government has awarded $6.5 million to progress International Graphite’s downstream operations at Collie.
- The plant is expected to be Australia’s first purpose-built graphite processing facility and will significantly increase the nation’s sovereign supply of critical battery minerals.
- The funding will establish commercial-scale micronising operations and progress battery anode feasibility work for concentrate feedstock from the Springdale Graphite Project.
- The release of funds is subject to a formal agreement being finalised.
The grant was announced by WA Premier the Hon. Roger Cook at the Company’s Collie R&D Facility during the Collie Industry Transition Expo on Saturday 20 April 2024.
Grant funding will be used to advance International Graphite’s plans for a 4,000 tpa commercial-scale graphite micronising operation, at Collie. It will also progress the design of downstream battery anode facilities, and mine-to-market battery anode feasibility work for processing of graphite concentrate feed from the Company’s Springdale Graphite Project.
International Graphite Chairman Phil Hearse said, “We are thrilled by the support and leadership the Western Australian Government is providing to our emerging critical minerals industry and proud of their confidence in us to deliver real benefits for Collie and the State.
“The grants are designed to encourage innovation in three areas - green manufacturing, minerals processing, and energy intensive or future clean energy initiatives. International Graphite’s operations support all three, making our project an extremely good fit with the Government’s priorities for the industry and the region.”
Click here for the full ASX Release
This article includes content from International Graphite, 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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17 April
Altech - Share Purchase Plan Prospectus
Altech Batteries Limited (Altech/the Company) (ASX: ATC and FRA: A3Y) has released its Prospectus announcement.
For the offer of up to $30,000 worth of Shares to each Eligible Shareholder under the Company’s security purchase plan (SPP), at an issue price of $0.065 per Share, to raise up to $5,000,000, together with one free attaching Option for every two Shares subscribed for, exercisable at $0.08 on or before 30 April 2026 (Offer).
SHARE PURCHASE PLAN INFORMATION
The Offer is currently scheduled to close at 5:00pm (WST) on 8 May 2024. Valid applications must be received by that time. Details of how to apply for Securities are set out in the Application Form accompanying this Prospectus.
IMPORTANT NOTICE
This document is important and should be read in its entirety. If after reading this Prospectus you have any questions about the Securities being offered under this Prospectus or any other matter, then you should consult your stockbroker, accountant or other professional adviser.
The Securities offered by this Prospectus should be considered as highly speculative.
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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17 April
Altech – Launch of Share Purchase Plan
Altech Batteries Limited (Altech/the Company) (ASX: ATC and FRA: A3Y) is delighted to announce the opportunity for eligible shareholders of the Company to participate in an equity raising via a Share Purchase Plan (SPP) to raise up to $5 million.
Highlights
- Share Purchase Plan (SPP) offered to raise working capital for CERENERGY® battery and Silumina AnodesTM battery materials projects
- SPP at an issue price of $0.065 per share with one free attaching option for every two shares acquired
- Options will be exercisable at $0.08 per share and will expire on 30 April 2026
- Funds applied to commissioning of, and equipment for, Silumina AnodesTM pilot plant as well as to fabricate two CERENERGY® ABS60 60KWh battery packs
- SPP follows excellent Definitive Feasibility Study for CERENERGY® project finalised on 20 March 2024 that included an NPV(9) of €169 million and free cash flow of €48 million p.a.
- Altech continues to move forward with finance and offtake for CERENERGY® project
The SPP follows the excellent Definitive Feasibility Study (DFS) for the CERENERGY® project which was finalised on 20 March 2024, that included an NPV(9) of €169 million and free cash flow of €48 million p.a. Following on from the DFS, Altech continues to move forward with obtaining the finance to construct the plant for the CERENERGY® battery project, envisaged to be constructed on Altech’s land in Germany.
CEO Iggy Tan stated"The results of the Definitive Feasibility Study reinforce the economic soundness and potential of our CERENERGY® project. We are excited about the positive trajectory and are fully committed to advancing to the funding phase to realise this innovative venture."
The project's economics remain compelling, with an EBITDA margin of around 47%, even at its initial production capacity. This aligns with the projected growth of the grid storage market, estimated at a remarkable 28% Compound Annual Growth Rate (CAGR). Additionally, the project offers a low lifetime levelised cost of storage at €0.06/kWh, compared to €0.149/kWh for lithium-ion batteries, further enhancing its competitive advantage.”
Altech is providing all shareholders with the right to participate in a capital raising via an SPP to help fund further activities relating to the CERENERGY® battery project as well as the Silumina AnodesTM battery materials project. An SPP does not incur any brokerage, commission or other transaction costs for shareholders participating, and all funds received by Altech are able to be deployed directly by the Company to commercialise its technology. Altech encourages you to participate in this SPP and to continue the exciting journey that Altech is embarking on with its uniquely patented battery technology and battery materials.
Altech is targeting the grid storage market, which is an industry that is expected to have a compound annual growth rate of 28%, as the world transitions from a fossil fuel economy to a renewable energy economy. Massive scale up and growth of both renewable energy production, combined with grid battery storage, is required to meet the green targets implemented by governments and industry around the world. Altech believes that the grid storage market is a very lucrative niche and is racing to get the CERENERGY® battery into production.
The shares issued pursuant to the SPP will be at an issue price of $0.065 per share with one free attaching option for every two shares acquired. The options will be exercisable at $0.08 per share and will expire on 30 April 2026.
Further details in relation to the SPP, including timing and terms and conditions, are included in the Prospectus available to all eligible shareholders.
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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