Australian innovator Altech Chemicals Ltd. announced Monday that its recent Share Purchase Plan (SPP) and concurrent placement raised A$1.85 million (US$1.39 million), placing shares in the hands of dozens of new professional and sophisticated investors.
According to the company, Altech issued shares at a price of A$0.11 (US$0.08) each, which was a five-percent discount below the volume-weighted average price of the firm’s shares on Australia’s stock exchange over the five days up to and including last Wednesday.
“The Company is extremely pleased with the support shown from its existing shareholder base via participation in the SPP,” commented Altech’s managing director Iggy Tan. “In excess of 250 shareholders participated in the SPP, with a large number electing to apply for the maximum application amount of $15,000. Concurrent with the SPP, the Company is delighted to welcome a small number of new European based shareholders that have been recently introduced to the Company and were placed shares at the SPP price.”
Altech Chemicals is based in Subiaco, Western Australia and is attempting to develop a marketable process for delivering 99.99% (4N) HPA. It plans to construct a 4,000 metric ton per annum HPA plant at Tanjung Langsat Industrial Complex, Johor, Malaysia. The firm is fast-tracking HPA production due to an agreement with Mitsubishi for 100% of its proposed HPA production for ten years. At present, Altech intends to commence project development in the third quarter of this year.