Altech Chemicals Ltd (ASX:ATC) Termination of SMI Funding Agreement
FRA:A3Y) advises that the share purchase subscription agreement (the Agreement) with Specialty Materials Investments LLC (SMI) announced on 21 April 2020, has been terminated by mutual consent of the parties, and no further funding will be provided by SMI to the Company under the Agreement.
Altech managing director Iggy Tan commented SMI provided funding for the Company and our HPA project during what was both a volatile period in the global markets and a transitional period for the Company. SMI has been a flexible, supportive, responsive and responsible funding partner to Altech. SMI s funding has been instrumental in bridging the Company s capital requirements, which provided it time to execute the extremely successful capital raising that was announced on 16 December 2020. SMI remains a shareholder of the Company, and we thank it for its support.
Altech Chemicals Ltd (ASX:ATC) $12.5 million raised from Rights Issue
FRA:A3Y) is pleased to advised that $12.5 million has been raised (before costs) via its non-renounceable entitlement offer that was launched on 9 November 2020, and closed 11 December 2020.
The entitlement offer was on the basis of two (2) new shares at $0.04 each for every five (5) shares held by Altech shareholders at the Record Date (13 November 2020), plus one free attaching option for each two (2) new shares subscribed and issued (exercise price $0.08, expiry 31 May 2022) (the Offer).
Applications for entitlement shares (inclusive of applications for shortfall shares in excess of entitlement) were received from 655 shareholders for a total of $7,337,213 (183,430,336 new shares and 91,715,168 attaching options).