Altech Chemicals Ltd (ASX:ATC) Share Purchase Plan raises $2.8 million

Perth, Australia, Jan 6, 2020 - (ABN Newswire) - Altech Chemicals Limited (ASX:ATC) (HAM:A3Y) is pleased to announce that it received applications from existing shareholders for $2.8 million of new shares at an offer price of $0.0975 per share under its Share Purchase Plan (SPP), which closed on Friday 3 January 2020.

The response to the SPP from shareholders is extremely positive. The Company is pleased to advise that all applications will be accepted in full and that the new shares are expected to be allotted on Wednesday 8 January 2020.

Altech managing director Mr Iggy Tan said, "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."

About Altech Chemicals Ltd:

Altech Chemicals Limited (ASX:ATC) (FRA:A3Y) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (HPA) (Al2O3).

HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components. There is no substitute for HPA in the manufacture of synthetic sapphire.

Global HPA demand is approximately 25,315tpa (2016) and demand is growing at a compound annual growth rate (CAGR) of 16.7% (2016-2024), primarily driven by the growth in worldwide adoption of LEDs. As an energy efficient, longer lasting and lower operating cost form of lighting, LED lighting is replacing the traditional incandescent bulbs.

Contact:

Corporate
Iggy Tan
Managing Director
Altech Chemicals Limited
Tel: [phone]
Email: [e-mail]

Shane Volk
Company Secretary
Altech Chemicals Limited
Tel: [phone]
Email: [e-mail]

Investor Relations (Europe)
Kai Hoffmann
Soar Financial Partners
Tel: [phone]
Email: [e-mail]

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