thanks mate, but the source would be nice! next time maybe ;)...

thanks mate, but the source would be nice! next time maybe

Lithium-ion battery play Altech Chemicals seeks $20m equity injection

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• _{by Sarah Thompson Anthony Macdonald}

Stockbroker Petra Capital has launched a $20 million equity raising for ASX-listed "high purity alumina" project owner Altech Chemicals.

Petra was offering clients new shares in Altech at 16.5¢ each, which was a 13.2 per cent discount to the last close and a 16.3 per cent discount to the 10 day volume weighted average price.

Funds raised were for pre-construction site works and finalisation of plant engineering, according to terms sent to fund managers.

Petra was calling for bids into the placement by 2pm on Friday.

The placement was part of a targeted $20 million raising, which also includes a $3 million share purchase plan at the same price.

Altech Chemicals has what it says is the world's first high purity alumina (HPA) project scheduled to produce 4500 tonnes a year in a market expected to quadruple to 122ktpa in 2025. It says HPA is used to make LEDs and lithium-ion battery separators.

Should it raise the $20 million, it would be part of a $488 million project funding package which also includes a $253 million senior loan, a $120 million mezz loan and $80 million in stream finance, according to information in front of potential investors.

The company had an $81 million market capitalisation prior to the raising.

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