Altech Chemicals Ltd (ASX:ATC) has been granted a trading halt by the ASX pending the release of an announcement with regard to a share placement.
In its request to the ASX for the trading halt, ATC said: "Professional and sophisticated investors are urged to contact the company directly for details on how to participate in the placement."
The trading halt will remain in place until the beginning of trade on Thursday, December 5, 2019, or when an announcement is made to the market, whichever occurs earliest.
Shares in the company, which has a market cap of approximately $87.6 million, last traded at 11.5 cents.
European fundraising
The company recently received confirmation from German corporate regulator BaFin of the approval for Altech Advanced Materials Ag’s (AAM) US$100 million capital raising prospectus.
As a result, subscriptions for AAM's capital raising will open on December 3 and close on December 16.
If successful the fundraising would position AAM to exercise its option to acquire up to a 49% increase in Altech’s high purity alumina (HPA) project.
As part of AAM’s funding strategy, AAM shareholders have approved the issue for up to 63,102,080 new shares which would raise €69.4 million fully subscribed at an issue price of €1.10 per share.
