Altech Chemicals (ASX:ATC) has attracted additional shareholder interest after a A$1 million fundraising effort with a cornerstone Asian investor earlier this week.
Melewar International Investment Company, which recently completed the second tranche of a placement to Altech, has increased its voting power in the company by almost 5% to 11.98%.
This followed the acquisition of about 8.5 million Altech shares at a price of $0.059 per share.
Fellow substantial shareholder Lake McLeod Gypsum Pty Ltd also added about 1% to its voting power to 17.6% this week.
Shares in Altech were last trading 9.4% higher at $0.105, which represents a 133% increase on a low of $0.045 reached in June.
The $1 million Melewar investment represents the majority of a $1.13 million fundraiser announced by Altech in August aimed at progressing a detailed design phase of the company’s HPA project.
This operation encompasses mining properties 130 kilometres from Fremantle port in Western Australia and a proposed HPA plant in Malaysia with a throughout capacity of 4,000 tonnes per annum.
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