Altech Chemicals (ASX:ATC) has raised $1.85 million in new funds, coming by the way of a share purchase plan (SPP) and a concurrent placement to professional and sophisticated investors.
The issue price was $0.11 per share.
Iggy Tan, managing director, commented:
"The company is extremely pleased with the support shown from its existing shareholder base via participation in the SPP.
"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 recently appointed engineering firm, SMS group GmbH, as the engineering, procurement and construction contractor for its proposed Malaysian high purity alumina plant.