Iggy plays fund raiser as Altech seeks cash for German gig

IGGY Tan’s Altech Chemicals could be set to raise more than A$12 million to finalise feasibility studies and other work streams involving plans for coating battery materials with a nano-layer of alumina to improve battery life.
Iggy plays fund raiser as Altech seeks cash for German gig Iggy plays fund raiser as Altech seeks cash for German gig Iggy plays fund raiser as Altech seeks cash for German gig Iggy plays fund raiser as Altech seeks cash for German gig Iggy plays fund raiser as Altech seeks cash for German gig

Undisclosed investors are buying $8.1 million worth of shares priced at 10.7c, while Altech believes another $4 million could be raised in a share purchase plan.

The raisings are "company led" without a broker involved.

Proceeds will be applied to Altech's 75% portion of funding the construction of a battery materials coating pilot plant in Germany (and purchase of land at the Schwarze Pumpe Industrial Park), as well as feasibility work for a full scale 10,000tpa plant.

Altech had cash of $3.6 million at the start of the current quarter.

Meanwhile, news is awaited on a US$144 million "green bond" issue Altech said was in the final stages of completion in October.

That funding is for Altech's proposed high purity alumina venture in Malaysia, a project with a price tag of $280 million.

Altech earlier said it had been successful in securing senior project debt finance of $190 million from a German bank, and had raised in-excess of A$50 million over the past 36 months (prior to the current fundraising).

Share in Altech were down 11% to 12.5c in midday trade, capitalising the company at $161 million.

The stock was at levels around 4c 12 months ago.