Altech Raises A$2.8 Million In Stock Purchase Plan

Altech Raises A$2.8 Million In Stock Purchase Plan

Australian innovator Altech Chemicals Ltd. announced yesterday that the stock purchase plan that ended last week received applications from current shareholders to purchase A$2.8 million in new stocks.

Altech said the stock purchase plan sold individual shares for A$0.0975 each through Friday of last week. The firm said it would accept every application returned, and that the shares purchased under the plan would be allotted today.

Altech managing director Iggy Tan said the firm felt the response from shareholders to be extremely positive.

“The Company is extremely pleased with the number of applications for new shares that it received from shareholders under the SPP. In excess of 300 shareholders participated, which is an excellent outcome – especially considering the timing of the SPP just prior to the Christmas/New Year period.”

“Work at the Company’s Malaysian high purity alumina (HPA) plant site continues, with construction of the electrical sub-station progressing in accordance with the construction schedule,” he concluded.

Altech Chemicals is based in Subiaco, Western Australia and is attempting to implement a marketable process for delivering 99.99% (4N) HPA using conventional equipment at a lower production cost than methods currently available. It plans to construct a 4,500 metric ton per annum HPA plant at Tanjung Langsat Industrial Complex, Johor, Malaysia that will use kaolin clay from a company-owned mine in Meckering, Western Australia. 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 later this year.