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.